11 Listeners Pitch Their Top Mining Stocks

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Travis Ricciardo, Money miners.
We've got a bit of a different

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episode, don't we?
Yeah, it was.

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This is an interesting episode.
I I've been kind of curious

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about how do we, how do we just
get the perspectives, pictures,

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stock ideas of the money miners
out there?

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Money miners, you all, you come
from all walks of life,

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different backgrounds.
You, you might be a Geo or a

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mining engineer or a punter or
or a broker, whatever, who

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knows?
And sometimes you guys have

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elite ideas.
Often those ideas are better

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than our ideas.
Often they're better than our

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guest ideas.
So for this episode, we just

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spontaneously whipped up at
Twitter Spaces last night at

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like 5:00 PM with an hour's
notice said jump online in an

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hour if you've got a stock
pitch.

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And throughout the course of a
bit over an hour, we we got

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stock pitches from like a dozen,
dozen of people who, who

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articulated their thesis, why
they think a certain thing about

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spec stocks of all walks of
life, Some some like, you know,

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medium caps, some spec stocks.
But I like this one, mate.

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What do you think of it?
Yeah, it was good fun.

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You told me many hundreds of
people dialed in, which is which

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is pretty cool and and not what
we kind of realized when we were

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when we were having the chat.
706 people live, so hopefully a

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few thousand more.
We've got ideas from from $5

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million.
Companies.

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All the way through to yes, I'd
say 800 million bucks would be

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the top end.
So yeah, what we love, resources

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companies, some producers, some
developers and very keen to hear

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what you think money miners.
But let's jump in and and share

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some of these ideas.
Let's get to it.

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Good day everyone.
This is going to be interesting.

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I'll give it a few more moments
for a couple more people to to

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jump in and then I'll sort of
just lay out, lay out some

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ground rules and see if we get
some interesting people, pitch

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some ideas.
You've got both myself and JD on

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the line here.
Good day mate.

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Can't see what we come up with
mate.

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What we come up with?
You mean what?

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What?
What the what?

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What?
What mean to it comes up?

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What mean to it comes up This is
your first time on Twitter in

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about four years.
A special day.

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Via my account I.
Didn't want to get too close.

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Twin, you're on mute.
If you wanted to, you wanted to

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talk.
I just, I just wanted to make

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sure you guys are prepared.
That was all.

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I don't want you to go down this
path and just be railroaded by

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some of us clowns on on mint
wit.

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Railroad, we know what we signed
up for.

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Have you got an idea, Twin?
Oh, but I've always got ideas.

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Whether they're good or not, I
don't know.

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What's What's top of the pile?
To be I want you guys to be

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hyper critical all right so I.
Know unless it's unless it's

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tether mate I will be hyper
critical you know that.

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Well, I was going to pitch this
idea of, you know, I was a child

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star in the movies back in the
80s, and I went to see Jeffrey

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Epstein.
And between the two of us, we

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came up with an idea for some
pretend money and never get

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audited.
And we'll be worth billions and

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we'll buy a whole bunch of gold.
But you already know that story,

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so there's probably no point in
me pitching that one.

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Take all my money.
So at the moment I think it's

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obvious that gold's on a has
been on a bit of a tear and, and

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some of our overseas compatriots
are starting to find some of

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the, the gold and silver miners.
So I think I, I should start

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with a gold stock.
So I'm going to start with a

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ticker called KAU and.
I've.

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Spoken yeah, I have spoken about
this, but I'll give you the I'll

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give you the five less than the
two-minute elevator pitch.

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They rent they recently took
over Henty NT gold mine in

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Tasmania.
It's been going forever, right?

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It's, it's one of these, it's
one of these real typical mining

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stocks that, you know, they have
5 or 6 years resources and then

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every couple of years they drill
the next couple of years.

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And it just seems to what was a
5 to 6 year mine life has now

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been going 20 years with another
five to six years to go.

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So recently Kaiser took
ownership of it from and struck

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a deal where their major, the,
the people that used to own it,

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I think it's CYL are a major
shareholder still.

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So they've got a vested
interest, but but ultimately

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where the value comes is you
know with gold, where it is now

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they've they've owned the mine
for a bit over six months,

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they've put in a whole bunch of
improvements.

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But but fundamentally this,
they've got about 40 million in

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cash.
The market cap is 160 to

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180,000,000.
Yeah, that's sort of 190 after

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today.
Yeah, yeah, One, it was on

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Friday.
It was a bit cheaper, but say

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190.
So they're sitting on an AV of

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about 1:50.
So at last quarter's gold price,

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they generated about 13 and a
half million free cash in the

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quarter, but there was a couple
of 1 offs.

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So the run rate's pretty close
to 16 mil at last quarter's gold

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price.
They have a couple of short term

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gold loan and minor little bit
of hedging that's going to all

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tail off within the next three
to six months.

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So at today's, by my
calculations at today's gold

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price at that sort of 7000 ish
Australian, they're easily

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clearing I reckon 20 million a
quarter.

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So at current run rate, they're
sitting sub two times cash flow,

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which which I think is pretty
outstanding value.

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I would have thought.
For, you know, just given that,

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you know, you'll, you'll see in
the space, you've got some, some

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explorers who have, you know,
that sort of half million ounce

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mark that if you haven't got a
mine or they're toll trading or

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whatever that are around maybe
the 100 mil PV.

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And I just think 150 mil, given
that they own a plant, they're

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putting in a whole bunch of
improvements.

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They're they're turning the the
mill from a 300,000 tonne to a

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400,000 tonne.
They're de bottlenecking.

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They're they're increasing the
height of the decline to allow

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some bigger machinery, all of
which they're funding at the

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moment.
So they're funding drilling,

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they're funding machinery,
they're working through some

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very short term gold lines and
and hedging that you know, it's

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not scary stuff, it's not BGL
type stuff.

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It's all very small.
It'll all be tailed off in the

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next three to six months I
think.

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So I just think at these sort of
prices, there's not a lot of lot

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of downside when they're trading
at sort of two times cash flow.

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It's I think the.
Yeah.

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So it's remarkable to see like
the the quarterly cash

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generation from Henty.
I remember when Catalyst bought

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this asset from Diversified
Minerals, which was which is pie

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bar for what I think was less
than the free cash flow

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generated this quarter.
Just goes to show the, the, the,

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the gold price environment we're
in these like things that washed

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their face for two years,
neither here nor there.

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Not sure Catalysts made much
money until the very end there

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and then and now it's yeah. 100%
generative, Yeah, I think the

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knock with with all these things
twin and I'm keen to hear you.

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You think about it is where does
the cash actually go?

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Like do they just pour it into
the next thing?

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I know they've got the assets in
in Victoria that are they're

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having capital kind of invested
in them and you know, you want

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management that's on your side
and all these kind of things

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here.
Are you comfortable on that

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point?
Yeah, look, they've got Malden,

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which is their Victorian asset.
So it's a, it's a plant that's

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in care and maintenance.
It's got an old mine.

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It's an old mine site.
They're doing some drilling

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there.
They've got they've got some

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dumps that they're looking to
process through the plant or

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potentially toll trade.
Other people's.

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I think they do a little bit of
toll trading at the moment, but

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but ultimately with these gold
plays on the explorers is, you

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know, what kills you in the
explorer space is the constant

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dilution from capital raises,
right?

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So great projects and they and
they go off and and cap raise

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every six or 12 months because
they want to drill stuff.

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So I don't necessarily see it as
an evil that if they've got

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something that looks pretty
good.

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And I think Meldon his like has
some pretty good historic, you

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know, historic grades from their
minds and they're now drilling

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in and around and under and all
that sort of stuff.

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You know, I don't see it being a
bad thing if if some of the cash

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at least goes into that exercise
because that's better than the

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alternative at the 100 million
space where, you know, they keep

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raising every six or 12 months
to do the exact same thing.

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So, you know, maybe it doesn't
appeal to the people that are

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looking at dividends like a, you
know, evolution or, you know,

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you know, big goal play where
they're just looking at that

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they're looking for something
with growth.

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And I don't think they're going
to be doing it expensively.

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I think they're going to get
really good bang for buck and I

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think it would be really hard
for them to sit to to spend 20

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million a quarter like that's 80
million a year, right.

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So if, if gold prices, even if
they just stay where they are

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for 12 months, they're almost
they're they're getting pretty

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close to cash back in like and,
and there's a saying in, in the

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investing spaces, if you if you
look after the downside, the

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upside looks after itself.
So I tend to think this is one

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of those plays where there's not
a lot of downside, right,

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Unless, you know, if gold went
to 3500, you know, and it's and

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they're sitting on a, you know,
four or five times cash flow,

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you might sort of look at it and
go, you know, it's just one of

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those average plays.
But we're not at 3 1/2 thousand,

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we're at 5.
They're producing silly amounts

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of cash.
They've got potential to ramp up

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their production and history
shows that there's a lot of

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these gold plays like this
where, you know, they go from a

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very small production based to a
much larger one and they're all

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self funded and they turn into
these big behemoths.

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You know, like it might take
them 10 years to do it, but some

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of the great gold stories in WA,
you know, you look at the

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charts, they were, you know,
they've gone 20X over the last

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10 years because that's what
exactly what they've done.

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They've had a project that's
basically funded everything else

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and they've turned into a very
big mining house.

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I think Hinti Hinti's definitely
it's like it's a stepping stone

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asset the same way it was for
catalysts like this was, you

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know, catalysts first, first
mind.

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They, they, they, it wasn't a
meaningful kind of part of their

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business for a long time, but it
helped them incrementally, you

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know, have capital markets
relevance for them to do the

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deal that consolidated the
Platonic region with both, both

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Van Gogh and Superior and and
that's been a huge success for

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them.
But yeah, it is interesting at

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small scale.
I disagree that your downside

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is, is capped because if, if, if
you know, it's, it's it's not,

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it's not cash backed like there
is, there is cash to make before

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it's cash backed.
But but I do think, yeah, it is

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it does screen value twin.
Good, good, good pitch, mate,

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good pitch.
Thanks for kicking things off.

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I want to see if we can get get
someone else up here.

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Hey, hey, boys, you hear me?
You hear me there loud?

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And clear mate, what have you
got for us?

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Hey mate.
Oh great, just just got the

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speedboats.
Just just checked into my hotel,

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so I'm a little bit flustered,
but I'll have a crack.

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I'm going to go with Pvt.
It's in Quebec.

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Oh.
Yeah, Pivotal metals.

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Yeah, yeah, yeah.
It's 26,000,000 market cap,

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Yeah, yeah, 5.5 million cash,
yeah.

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And so about a 20 million EV.
Yeah, this, this is, this is

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Ivan Fairhales company, right?
Yeah, that's it mate.

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That's it.
You're on the ball.

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That's 100.
Percent.

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He's a good guy, OK?
So I'm more about speculation,

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right?
And like you want to, if you

222
00:12:21,560 --> 00:12:25,560
want to speculate, you want to
do it with the lowest downside

223
00:12:25,560 --> 00:12:26,840
risk.
Yeah, Yeah.

224
00:12:26,880 --> 00:12:32,000
So the case for Pvt. is like is
really exciting for me and I can

225
00:12:32,000 --> 00:12:38,280
see my downside is really small.
So for 20 million EV, you get

226
00:12:38,280 --> 00:12:43,240
the Horden light copper deposit,
which is 37 million tons at one

227
00:12:43,240 --> 00:12:48,320
point, 1% copper equivalent.
So just on that basis alone, I

228
00:12:48,320 --> 00:12:52,120
believe it's the cheapest copper
deposit on the ASX in terms of

229
00:12:52,200 --> 00:12:55,520
EV and things like that.
Yeah, yeah, it's.

230
00:12:56,000 --> 00:13:01,960
A major portion of it is, you
know, open pit, open pitable, so

231
00:13:01,960 --> 00:13:03,080
it's shallow.
Yeah.

232
00:13:03,600 --> 00:13:06,320
It's not, it's not a reserve.
So like you know, it's, it's

233
00:13:06,320 --> 00:13:07,920
earliest age, it's not a, it's
not a reserve.

234
00:13:07,920 --> 00:13:11,640
So like you have to put that in
consideration, but it's been

235
00:13:11,640 --> 00:13:14,680
drilled out heaps.
It's the JIT deposit, right.

236
00:13:15,120 --> 00:13:19,080
And then you have meant to be
started starting this quarter,

237
00:13:19,520 --> 00:13:22,960
you've got some diamond drilling
at these belt air targets.

238
00:13:23,160 --> 00:13:25,480
They're just like really
exciting stuff, man.

239
00:13:25,480 --> 00:13:27,320
Like I, I, I'm looking at some
of these things.

240
00:13:27,320 --> 00:13:32,440
I don't see stuff like this like
24 meters at 2.3% copper, 1.2%

241
00:13:32,440 --> 00:13:37,600
nickel at 1.9 grams PGE.
Like it's just like, so you get,

242
00:13:37,600 --> 00:13:41,120
so you get, and it's got 5.5
million cash as well, right?

243
00:13:41,120 --> 00:13:43,600
So you you know, you got no
dilution worries for you get a

244
00:13:43,640 --> 00:13:45,240
you get a freeze, you get in the
swing.

245
00:13:46,000 --> 00:13:50,960
So you're getting the your
market cap is backed by Horton

246
00:13:50,960 --> 00:13:54,360
like the the copper deposit
you've already got in the bag.

247
00:13:55,080 --> 00:13:58,840
Then you're going for a
speculative drills into some

248
00:13:58,840 --> 00:14:02,840
really high speculative ground
with some great results and

249
00:14:02,840 --> 00:14:07,040
really untested strike and
everything so short and sweet.

250
00:14:07,040 --> 00:14:10,320
I really think like for a
speculative case, it's obviously

251
00:14:10,320 --> 00:14:11,640
more on the speculative side,
right?

252
00:14:11,640 --> 00:14:15,240
Like you it's 26,000,000 market
cap, 5.5 million cash.

253
00:14:15,240 --> 00:14:16,640
So you're not paying too much
for it.

254
00:14:17,040 --> 00:14:19,760
I just think it's in a really
good spot and Quebec's a really

255
00:14:19,760 --> 00:14:21,960
nice area as well.
Like for mining, you know, they,

256
00:14:22,000 --> 00:14:24,360
they recently did the free free
flow credits.

257
00:14:24,360 --> 00:14:26,720
So you get, you get less
dilution when you're raising

258
00:14:26,720 --> 00:14:30,880
money, so.
Yeah, I remember looking at this

259
00:14:30,880 --> 00:14:33,440
one.
I need I need to just what do

260
00:14:33,520 --> 00:14:34,560
you any thoughts?
Any thoughts?

261
00:14:34,560 --> 00:14:37,560
Boys Yeah, I, I remember looking
at this, I want to say it was

262
00:14:37,560 --> 00:14:41,240
like 4 or five months ago, maybe
maybe a bit longer and it yeah,

263
00:14:41,320 --> 00:14:44,520
yeah, at the time it definitely
it screened like cheap just on

264
00:14:44,600 --> 00:14:46,360
like you know the yeah, the
it's.

265
00:14:46,360 --> 00:14:48,920
Under 10 mil market.
Yeah, it was just the EV, EV the

266
00:14:48,920 --> 00:14:50,080
resource.
But it was 6,000,000.

267
00:14:50,640 --> 00:14:53,680
Market cap, unbelievably it was
6,000,000 market cap like 6

268
00:14:53,680 --> 00:14:56,760
months ago or something.
Yeah, I think the, the, the

269
00:14:56,760 --> 00:14:59,320
thing like, you know, these
things are always cheap until

270
00:14:59,320 --> 00:15:01,080
they're not or whatever.
But the thing that that always

271
00:15:01,080 --> 00:15:03,600
kind of trips me up when I look
at the small cap stuff.

272
00:15:03,600 --> 00:15:06,840
And you're a better small cap
micro cap picker than I am,

273
00:15:07,080 --> 00:15:08,600
mate.
But it's, it's like I want to

274
00:15:08,600 --> 00:15:13,400
see some, some, some backer who
who can really just like, you

275
00:15:13,400 --> 00:15:16,560
know, help help help provide
some consistent funding.

276
00:15:16,920 --> 00:15:19,120
And at the time when I looked
there, it wasn't there.

277
00:15:19,240 --> 00:15:21,880
But now I can see.
That in the recent sorry, sorry

278
00:15:22,040 --> 00:15:25,920
to interrupt you in the recent
credit raise does that Matt

279
00:15:25,920 --> 00:15:28,760
Lattimore or something whatever.
I don't follow individuals, but

280
00:15:29,120 --> 00:15:31,880
he he he he stumped up in the
recent raise.

281
00:15:31,880 --> 00:15:35,200
So there is like some kind of
like a backing there in the in

282
00:15:35,200 --> 00:15:38,000
the in the recent raise like a
well known figure in the mining

283
00:15:38,000 --> 00:15:39,440
space, so.
Yeah, yeah.

284
00:15:39,440 --> 00:15:40,880
Has that been now?
That's that.

285
00:15:40,880 --> 00:15:43,760
That moves the dial a bit.
Well, he's just back to spec, so

286
00:15:43,760 --> 00:15:45,880
maybe you'll go has he?
Yeah, yeah, yeah.

287
00:15:45,880 --> 00:15:48,440
I didn't see that.
That had about 270 million

288
00:15:48,440 --> 00:15:49,520
bucks.
Yeah, this.

289
00:15:50,280 --> 00:15:54,440
Yeah, we take this one and Sam.
Yeah, yeah, I and yeah, that

290
00:15:54,520 --> 00:15:56,480
that moves the doll.
It's just such a bloody long

291
00:15:56,480 --> 00:15:58,320
depending timeline for some of
this stuff too.

292
00:15:58,320 --> 00:16:01,680
But but yeah, there's a there's
a there's a project there.

293
00:16:01,680 --> 00:16:03,000
I agree.
There's a project.

294
00:16:03,000 --> 00:16:05,480
There, Yeah, the makeup of the
deposit is also interesting.

295
00:16:05,480 --> 00:16:08,880
It's like got bits of gold, bits
of platinum, bits of Palladium,

296
00:16:08,960 --> 00:16:13,240
bits of nickel and like it that
that's Oh my God, the how's the

297
00:16:13,240 --> 00:16:15,200
Mets looking for that?
But they've been doing met work

298
00:16:15,200 --> 00:16:17,840
on it and it looks pretty sweet.
Like it looks pretty looks looks

299
00:16:17,840 --> 00:16:19,720
OK, like they've been doing work
on that's what they've been

300
00:16:19,720 --> 00:16:21,960
doing the last few years
because, well, you know, drill

301
00:16:21,960 --> 00:16:24,120
results weren't rewarded for the
last two or three years.

302
00:16:24,120 --> 00:16:26,920
Like if you're in the Explorer
racing space, like you hit a

303
00:16:26,920 --> 00:16:30,960
good drill hit and you know,
you're red, you stink is so it

304
00:16:30,960 --> 00:16:33,680
made sense for them to work on
the Met stuff when you weren't

305
00:16:33,680 --> 00:16:37,840
getting any value for dollar for
your drilling, you know, So I

306
00:16:37,880 --> 00:16:39,080
just think that's a really good
setup.

307
00:16:39,080 --> 00:16:42,320
You know, you got you got the
market cap backed by a deposit,

308
00:16:42,320 --> 00:16:43,720
which I think is undervalued
alone.

309
00:16:43,920 --> 00:16:47,120
And then you also have the
exploration upside of a totally

310
00:16:47,120 --> 00:16:49,640
different project and just some
amazing hits on there.

311
00:16:49,640 --> 00:16:51,960
So yeah, I reckon that's a
really good, really good spot.

312
00:16:52,440 --> 00:16:56,000
Yeah, it's interesting.
Over 300,000 contained tons of

313
00:16:56,000 --> 00:16:58,760
copper.
Yeah, I think because I'll.

314
00:16:59,760 --> 00:17:00,760
You go mate.
Strong gone.

315
00:17:01,520 --> 00:17:05,400
I want to say I was like I was I
was scouring the ASX for like

316
00:17:05,680 --> 00:17:08,880
undervalued copper deposits that
haven't moved yet right, like I

317
00:17:08,880 --> 00:17:11,319
was on cod.
I was on CSTI want to lose ones

318
00:17:11,319 --> 00:17:14,440
that already they already moved
and I the only one I could find

319
00:17:14,440 --> 00:17:16,960
was Pvt.
This is the only one I can find

320
00:17:16,960 --> 00:17:19,640
like I I it's just because
they've all had a good run.

321
00:17:19,640 --> 00:17:21,319
You know, the copper deposits
had a good run.

322
00:17:22,040 --> 00:17:23,720
Yeah, I, I kind of like your
thinking.

323
00:17:24,240 --> 00:17:27,319
We did a bit of a kind of
screening similarly bit of gold

324
00:17:27,319 --> 00:17:30,320
maybe six months ago to to I
don't know it's pretty crude.

325
00:17:30,320 --> 00:17:33,440
But you look at the ones under
50 mil market cap and I think

326
00:17:33,440 --> 00:17:38,480
1,000,000 plus ounces in in
reserve to try and separate some

327
00:17:38,480 --> 00:17:41,480
of the the crap from the the
less crappy.

328
00:17:41,640 --> 00:17:45,400
And yeah, pretty crude.
But commodity prices keep

329
00:17:45,400 --> 00:17:46,680
running it.
Actually, it actually kind of

330
00:17:46,680 --> 00:17:50,280
works, and people start sifting
down and looking for ideas.

331
00:17:51,280 --> 00:17:54,880
Yeah, and and if I can just give
two honourable mentions, like

332
00:17:54,920 --> 00:17:56,360
really quick to super fast,
please do.

333
00:17:56,520 --> 00:18:00,200
I am the spec punner and five
mil caps on my on my I love.

334
00:18:01,000 --> 00:18:03,040
I'm really passionate about, you
know, but in this.

335
00:18:03,040 --> 00:18:06,400
Space, I found you When, when?
So I'll cut you off 1st and I'll

336
00:18:06,400 --> 00:18:08,200
let you go.
I remember when you first came

337
00:18:08,200 --> 00:18:11,240
on the Twitter scene, I was like
you, your posts are hilarious.

338
00:18:11,240 --> 00:18:13,760
And then I just thought, this
is, this is the funniest stuff

339
00:18:13,760 --> 00:18:15,680
ever.
And then and then a lot of the

340
00:18:15,680 --> 00:18:18,360
stuff you you pitched often like
has merit to it.

341
00:18:18,360 --> 00:18:20,640
So I, you know, like.
Oh well, yeah.

342
00:18:20,640 --> 00:18:22,480
You've gone from things take.
Take a look the last few years

343
00:18:22,520 --> 00:18:24,200
and you.
Yeah, Yeah, you've done pretty

344
00:18:24,240 --> 00:18:25,480
well.
You've called super well.

345
00:18:25,560 --> 00:18:29,560
Yeah, I remember.
So just from just, OK, I'll

346
00:18:29,560 --> 00:18:32,720
start in this spec space.
I know we all want to be

347
00:18:32,720 --> 00:18:35,080
geologists and we all want to
like make money on like the

348
00:18:35,080 --> 00:18:37,000
quality of a project and all
this kind of thing.

349
00:18:37,280 --> 00:18:40,400
But in reality, the stuff that
matters most when you're in the

350
00:18:40,400 --> 00:18:42,800
really small stuff like we're
talking under 10 million market

351
00:18:42,800 --> 00:18:47,120
cap, it's a corporate structure.
So it's like a SOR shares on

352
00:18:47,120 --> 00:18:50,960
issue, cash market cap and EV
enterprise value.

353
00:18:51,080 --> 00:18:53,800
So enterprise value is what
you're paying for the stock,

354
00:18:53,800 --> 00:18:56,080
right?
And you want lower Soi, you want

355
00:18:56,080 --> 00:18:58,800
lots of cash and you want a
lower EV, that's what you want.

356
00:18:59,200 --> 00:19:02,600
So I'm just going to run off
these two that that really the

357
00:19:02,600 --> 00:19:05,200
only two left that I can find
that I fit this set up

358
00:19:05,200 --> 00:19:08,840
perfectly.
You got DSM 6,000,000 market

359
00:19:08,840 --> 00:19:14,280
cap, 4 million cash and only
26,000,000 Soi beautiful

360
00:19:14,520 --> 00:19:19,000
absolute dream.
Then you've got Efe 130 million

361
00:19:19,000 --> 00:19:23,560
shares on issue, 3.3 million
cash and 5 million market cap.

362
00:19:23,760 --> 00:19:28,080
So the EVs there are 1.7 million
and 2 million and you just

363
00:19:28,520 --> 00:19:31,560
anything can happen to there
there and your downside is just

364
00:19:31,560 --> 00:19:33,960
so low.
So I wanted to just Chuck those

365
00:19:33,960 --> 00:19:38,120
in because I love my 5 million
caps and that's it. 25,000,000

366
00:19:38,120 --> 00:19:39,600
shares only showing the
resources space.

367
00:19:39,600 --> 00:19:41,240
You know, the company is about 3
months old.

368
00:19:42,600 --> 00:19:46,600
Yeah, yeah. 100% dear Sam.
Or or they've just done a mad

369
00:19:46,600 --> 00:19:48,760
consolidation.
Just gone from 10.

370
00:19:48,840 --> 00:19:51,040
Billion there.
Oh, that's funny.

371
00:19:51,040 --> 00:19:55,520
I. 2026. 26,000,000 Soi That's
sexy stuff man, that's sexy

372
00:19:55,520 --> 00:19:57,240
stuff.
The old 100 for one

373
00:19:57,240 --> 00:19:59,320
consolidation.
Love your, love your work there.

374
00:19:59,600 --> 00:20:03,560
I can I can tell I can give
everything that spec doesn't

375
00:20:03,560 --> 00:20:05,520
want.
So we're talking Filipino

376
00:20:05,840 --> 00:20:09,760
copper, 3 billion shares on
issue, shit management and no

377
00:20:09,760 --> 00:20:12,080
money so you.
Know.

378
00:20:12,960 --> 00:20:14,280
Where do I sign up?
How do?

379
00:20:14,280 --> 00:20:15,440
You want?
Yeah, I've got to do a Ding,

380
00:20:15,440 --> 00:20:16,720
Ding, Ding.
I've got to do a Ding, Ding,

381
00:20:16,760 --> 00:20:18,800
Ding for this one.
And then I'll give the picture.

382
00:20:20,960 --> 00:20:24,360
Name and shame, CLA.
Yeah, yeah, CLA Celsius

383
00:20:24,360 --> 00:20:26,880
resources been around for a
while.

384
00:20:26,920 --> 00:20:31,760
I mean, they're in coal and went
into Africa with some cobalt and

385
00:20:32,040 --> 00:20:36,040
now I've popped up with copper
in the Philippines, got

386
00:20:36,040 --> 00:20:39,400
interested originally I think
they had some 600 meter hits at

387
00:20:39,400 --> 00:20:44,680
over 1% copper really early from
there.

388
00:20:45,000 --> 00:20:47,560
The local, the guys that have
actually done this, the local

389
00:20:47,560 --> 00:20:52,640
guys that vended it in to CLI,
they they've done a pretty good

390
00:20:52,640 --> 00:20:56,160
job, but it's always the case
trying to line incentives.

391
00:20:56,160 --> 00:21:00,760
The management time in CLI
probably haven't done always the

392
00:21:00,760 --> 00:21:02,080
best job that they probably
could.

393
00:21:02,080 --> 00:21:05,400
However, having said that,
locally, they're done a really

394
00:21:05,400 --> 00:21:06,960
good job.
They've got the wealth fund

395
00:21:06,960 --> 00:21:09,280
involved.
So the Filipino wealth fund got

396
00:21:09,280 --> 00:21:12,040
about $2 billion.
They're only invested in one

397
00:21:12,040 --> 00:21:14,840
mining project.
They did day day on this project

398
00:21:14,840 --> 00:21:19,080
for about 6 months.
And then they gave them a 76 US

399
00:21:19,080 --> 00:21:23,280
$1,000,000 funding package,
started with 10 million US to

400
00:21:23,280 --> 00:21:27,640
fund a Senko to do the DFS,
which they just released and

401
00:21:28,200 --> 00:21:29,800
probably bottled the release of
that.

402
00:21:30,960 --> 00:21:34,480
And then they've got another 66
million that I believe they've

403
00:21:34,480 --> 00:21:37,480
probably applied for subject to
a satisfactory feasibility.

404
00:21:37,800 --> 00:21:42,280
Good chance this thing gets
funded or taken out it.

405
00:21:42,560 --> 00:21:44,920
They probably don't have heights
of cash fully, just under a

406
00:21:44,920 --> 00:21:46,600
million.
They've run a bit in the the

407
00:21:46,600 --> 00:21:49,920
last little bit, but the
project's pretty good, probably

408
00:21:49,920 --> 00:21:55,040
1% copper over the 1st 10 years.
Local community support it that

409
00:21:55,040 --> 00:21:59,360
message that I only own 40% of
the project but the local entity

410
00:21:59,360 --> 00:22:02,520
that owns 60% hasn't actually
paid for it.

411
00:22:03,960 --> 00:22:05,920
They're supposed to pay by the
16th of Feb.

412
00:22:05,920 --> 00:22:11,120
If they don't then CLA will
Essentially they own 100% as as

413
00:22:11,120 --> 00:22:13,240
it is if they actually pay they
get 43,000,000.

414
00:22:13,240 --> 00:22:17,520
U.S. market cap is for CL is I
don't know what is it trap JD,

415
00:22:17,520 --> 00:22:18,960
have you got it there?
60 million.

416
00:22:20,120 --> 00:22:22,120
Australian.
Yes, yeah.

417
00:22:22,480 --> 00:22:23,920
Yeah.
Yeah, Yeah.

418
00:22:23,920 --> 00:22:26,640
So the play, the play here is
like it's always been a good

419
00:22:26,640 --> 00:22:28,240
project.
I hang anyone dispute.

420
00:22:28,240 --> 00:22:33,360
So that's a good project to
Senko and they read the report.

421
00:22:33,360 --> 00:22:35,960
We know that they're a pretty
good operation and they do

422
00:22:35,960 --> 00:22:44,800
things well. 276 initial CapEx,
1st 10 years above 1% and gold's

423
00:22:44,800 --> 00:22:48,520
about .5g per ton and then you
just go optionality after year

424
00:22:48,520 --> 00:22:50,480
10.
They ran it at a 35 year mine.

425
00:22:50,480 --> 00:22:52,480
Laugh.
But well, they've got another

426
00:22:52,480 --> 00:22:54,880
deposit that sits around that.
The government owns that

427
00:22:54,920 --> 00:22:57,240
surround and their deposit
surrounds it.

428
00:22:57,440 --> 00:23:01,120
That sort of got 1G gold
apparently from historicals and

429
00:23:01,120 --> 00:23:03,400
1% copper.
Good chance that they use that.

430
00:23:03,680 --> 00:23:06,800
They've got another exploration
project couple of 100 metres

431
00:23:06,800 --> 00:23:09,800
down the road, plus they can do
some extra drilling and things

432
00:23:09,800 --> 00:23:11,280
like that.
But the first ten years of this

433
00:23:11,280 --> 00:23:14,440
project underpins it.
They say that they got twelve

434
00:23:14,440 --> 00:23:16,320
term sheets.
Grant Samuel's just been

435
00:23:16,320 --> 00:23:19,360
appointed to help do their
financing.

436
00:23:19,600 --> 00:23:22,600
And probably the biggest and
most important thing, this

437
00:23:22,600 --> 00:23:25,000
becomes a buyer.
If they're consultant, Barton

438
00:23:25,000 --> 00:23:28,720
Davis, who is currently there
consulting them on financing,

439
00:23:28,840 --> 00:23:32,040
becomes the managing director.
So if you know Barton Davis, go

440
00:23:32,040 --> 00:23:34,480
and tell him to jump on board.
And then this stock becomes a

441
00:23:34,480 --> 00:23:37,920
buyer.
I that's my pitch.

442
00:23:38,040 --> 00:23:42,800
I've never seen a, a, a retail
punter just be so, so active

443
00:23:42,800 --> 00:23:46,560
like you are, Stefan, in in, in
in moving, moving management in

444
00:23:46,560 --> 00:23:48,480
the right direction.
You know, I just, I just.

445
00:23:48,560 --> 00:23:50,880
It's not, it's, this is a pretty
unique stock.

446
00:23:50,880 --> 00:23:54,200
So there's a lot of retail guys
that own a lot of it.

447
00:23:54,520 --> 00:23:57,680
There's not, it doesn't have a
whole lot of in stores involved.

448
00:23:57,680 --> 00:24:02,320
And there's probably 10/15/20
percent of the company that that

449
00:24:02,360 --> 00:24:04,840
that spikes, some in the UK,
some in Australia.

450
00:24:06,000 --> 00:24:08,080
They're all aligned.
They want to say the best thing

451
00:24:08,080 --> 00:24:11,480
and I think they're just hoping
to get you know, I'm a lot

452
00:24:11,600 --> 00:24:15,880
someone that actually knows how
to get a deal done running this

453
00:24:15,880 --> 00:24:18,240
company and that's what it's
lacking.

454
00:24:18,240 --> 00:24:20,240
There's all the pace of the
puzzle are there just waiting

455
00:24:20,240 --> 00:24:23,960
for that last that last person
that can actually finalize the

456
00:24:23,960 --> 00:24:25,960
deal.
Well, you would be I approach

457
00:24:25,960 --> 00:24:29,280
should should be mentioned.
Silver Corp are in there for

458
00:24:29,280 --> 00:24:33,640
about 9 1/2 to 10% now.
They originally put an offer in

459
00:24:33,640 --> 00:24:37,960
about 3 years ago for I think it
was sort of about 50-60 million

460
00:24:38,320 --> 00:24:40,720
market cabinet.
It didn't end up getting up, but

461
00:24:40,720 --> 00:24:42,200
they're still sitting there in
the background.

462
00:24:42,600 --> 00:24:45,560
Yeah, yeah.
Were you were you underwhelmed

463
00:24:45,560 --> 00:24:49,200
at some of the, the, the updated
feasibility study metrics like

464
00:24:49,200 --> 00:24:51,560
where they did they maybe you
know, where there may be parts

465
00:24:51,560 --> 00:24:54,000
of that that you know
disappointed your expectations?

466
00:24:55,480 --> 00:24:58,720
I think one thing you got to,
you remember about this company

467
00:24:58,720 --> 00:25:02,880
is the guy, the guy that runs at
the technical person, Peter

468
00:25:02,880 --> 00:25:05,240
Hume, who knows his stuff and
really, really good at the

469
00:25:05,240 --> 00:25:07,800
mining and controlling the local
community.

470
00:25:08,720 --> 00:25:13,280
The one negative about CLA that
they've always had is also the

471
00:25:13,280 --> 00:25:15,600
positive.
So they've always prioritized

472
00:25:15,600 --> 00:25:19,080
the local community.
Filipino, you know, Filipino

473
00:25:19,080 --> 00:25:22,240
mining has been something that's
been a bit of a negative or seen

474
00:25:22,240 --> 00:25:24,440
as a negative for a while.
They're 16th on the Frasers

475
00:25:24,440 --> 00:25:30,040
Institute or whatever it is
above WA on the recent polling

476
00:25:30,040 --> 00:25:32,520
for that.
So I think it's turning.

477
00:25:32,520 --> 00:25:35,440
They've got a government that
seems somewhat positive for

478
00:25:35,440 --> 00:25:37,240
mining.
These guys have done everything

479
00:25:37,240 --> 00:25:39,160
by the book at the local
community level.

480
00:25:39,720 --> 00:25:43,320
And I think that kind of that's
part of the rate like because

481
00:25:43,320 --> 00:25:46,840
they, they've actually their
permit can go to 4.5 million

482
00:25:46,840 --> 00:25:50,520
tonnes processing a year.
They've got it at 2.2 to start

483
00:25:50,800 --> 00:25:53,240
and then they ramp up slowly for
2.6.

484
00:25:53,520 --> 00:25:56,800
And then they run a vertical
shaft in from year three to

485
00:25:56,800 --> 00:26:00,000
seven for about another $120
million worth of sustaining

486
00:26:00,000 --> 00:26:02,680
CapEx that they fund from the
car.

487
00:26:02,680 --> 00:26:06,000
And all of that is about
messaging to the local community

488
00:26:06,000 --> 00:26:08,960
that hey, we're doing, it's by
the book.

489
00:26:09,240 --> 00:26:12,200
We're not trying to, you know,
run a huge open pit.

490
00:26:12,640 --> 00:26:15,160
If you read the feasibility,
they've got something like, I

491
00:26:15,160 --> 00:26:19,320
don't know, I think it's a big
chunk of copper or that they

492
00:26:19,360 --> 00:26:22,320
when they're moving the roads
around that's worth, I don't

493
00:26:22,320 --> 00:26:24,880
know, 10-15.
You'd have to have a little 1015

494
00:26:24,880 --> 00:26:27,520
million bucks that they say all
the real optionality.

495
00:26:27,520 --> 00:26:30,200
We might be able to run that
through the mill, but you know,

496
00:26:30,200 --> 00:26:32,480
we're not going to, we'll see
what happens.

497
00:26:32,680 --> 00:26:35,320
So I think everything's kind of
messaging to get funding from

498
00:26:35,320 --> 00:26:39,160
the well fund and I won't invest
in anything that doesn't take

499
00:26:39,160 --> 00:26:41,920
all of the, you know, ASJ type
boxes.

500
00:26:42,480 --> 00:26:45,400
The the head of the Philippine I
will find wrote a white paper

501
00:26:45,400 --> 00:26:47,880
about this project.
I can't say I'm not investing in

502
00:26:47,880 --> 00:26:51,000
it.
Do you think if they don't get

503
00:26:51,000 --> 00:26:55,360
the the cash for the the 40%
stake like how do you balance

504
00:26:55,360 --> 00:26:58,440
that with?
The six the. 60%, the 60%

505
00:26:58,440 --> 00:27:00,360
stakes, man, yeah.
Yes, exactly.

506
00:27:00,360 --> 00:27:05,680
Does that not fly in the face of
of their stunning 16th percent

507
00:27:05,680 --> 00:27:07,360
placing in the Fraser Institute?
You know.

508
00:27:08,840 --> 00:27:10,360
Well, that's exactly right.
Like it?

509
00:27:10,600 --> 00:27:16,400
If so, Marcos appointed Yoel,
who is the head of the well

510
00:27:16,400 --> 00:27:19,480
fund.
They want to promote mining in

511
00:27:19,480 --> 00:27:21,800
the Philippines.
At the same time, they got a

512
00:27:21,800 --> 00:27:24,000
message to the people that don't
want to do mining that when we

513
00:27:24,000 --> 00:27:27,160
do mining, it's done properly.
Tiling dam.

514
00:27:27,960 --> 00:27:30,360
I don't, I'm not a mining
engineer, but something about

515
00:27:30,360 --> 00:27:33,120
pace feels good.
I'm assuming they do.

516
00:27:33,160 --> 00:27:35,640
They've picked every single box
from the local community and the

517
00:27:35,640 --> 00:27:37,280
environmental standards point of
view.

518
00:27:38,080 --> 00:27:39,280
That's why they're investing in
it.

519
00:27:39,280 --> 00:27:41,800
And that's a good project.
Like it genuinely is a good

520
00:27:41,800 --> 00:27:47,240
project and it should get up.
I just can't say the head of the

521
00:27:47,240 --> 00:27:50,240
world fund that was appointed by
the President of the Philippines

522
00:27:50,440 --> 00:27:53,880
who is only investing in one
mining pod project in the

523
00:27:53,880 --> 00:27:56,280
Philippines and has written a
white paper doesn't invest in

524
00:27:56,280 --> 00:28:00,520
this thing like an idiot.
Do you think the outcome for for

525
00:28:00,520 --> 00:28:05,680
CLA is just a Chinese take out
if if you know?

526
00:28:05,680 --> 00:28:09,440
There is Chinese that one of
there is Chinese that one if

527
00:28:09,440 --> 00:28:13,160
they get a, if they can get an
MD that you know, looks after

528
00:28:13,160 --> 00:28:16,840
shareholders and not the problem
is that they look the guys that

529
00:28:16,840 --> 00:28:18,920
run at the moment and hold the
most power and they'll probably

530
00:28:18,920 --> 00:28:21,360
look after the local community,
which I said it's a good thing.

531
00:28:21,560 --> 00:28:24,080
But at some point you want to
put the shareholders first.

532
00:28:25,120 --> 00:28:29,200
So, yeah, I think at some point,
probably a Chinese company come

533
00:28:29,200 --> 00:28:31,760
and take it out.
The Chinese company probably

534
00:28:31,760 --> 00:28:34,400
want to work with the wealth
fund and kind of they risk it if

535
00:28:34,400 --> 00:28:37,480
the wealth fund are involved.
It's less likely that the

536
00:28:37,480 --> 00:28:40,840
government's, I don't know,
maybe I, I, I think it's a good

537
00:28:40,840 --> 00:28:42,720
thing having the wealth fund in
there for some equity.

538
00:28:43,360 --> 00:28:47,240
And at the moment they've
applied for another U.S. debt.

539
00:28:47,680 --> 00:28:52,600
I can't save them giving
76,000,000 debt to this project

540
00:28:52,600 --> 00:28:57,160
and not at some point, yeah,
potentially converting it to

541
00:28:57,160 --> 00:28:58,640
equity.
I think, I don't know, I think

542
00:28:58,760 --> 00:29:00,240
it's a sort, it's a sort of
company you'd like

543
00:29:00,240 --> 00:29:02,400
underestimate, underestimate,
underestimate because they

544
00:29:02,640 --> 00:29:04,840
consistently let you down, let
you down, let you down until all

545
00:29:04,840 --> 00:29:06,800
of a sudden some milestone is
achieved and then all of a

546
00:29:06,800 --> 00:29:09,600
sudden you're like, oh, hang on,
this thing's actually like.

547
00:29:10,040 --> 00:29:12,840
But they take, they take a lot
of stuff like, yeah, to get to

548
00:29:12,840 --> 00:29:16,920
get 10 million US from a world
fund, the country's world fund

549
00:29:17,080 --> 00:29:20,840
to fund the DFS that a Cinco
did, it's pretty impressive when

550
00:29:20,840 --> 00:29:24,240
your market cap at the time was
Australian 20 or $25 million

551
00:29:25,800 --> 00:29:27,880
like.
And so it clearly ticked the

552
00:29:27,880 --> 00:29:32,000
boxes for the wealth fund to
actually want to go and fund

553
00:29:32,000 --> 00:29:35,160
this thing.
But no, you know, the, the

554
00:29:35,160 --> 00:29:38,960
exactly what you said, like they
released the DFS and you know,

555
00:29:39,520 --> 00:29:42,120
the, the, the marketing of it
and the way they presented it

556
00:29:42,120 --> 00:29:46,440
was just horrible that the, the,
the board doesn't have

557
00:29:46,440 --> 00:29:50,280
experience in, you know, running
listed entities.

558
00:29:50,280 --> 00:29:54,960
So there's some they've, they've
always just promoted the project

559
00:29:54,960 --> 00:29:58,720
and that's been run well.
If they can get, you know, a

560
00:29:58,720 --> 00:30:01,280
good end day on which it sounds
like there's a fair bit of Fair

561
00:30:01,280 --> 00:30:03,400
few shareholders that are
pushing for this.

562
00:30:03,400 --> 00:30:07,160
If that can happen then changes
the company completely.

563
00:30:07,200 --> 00:30:10,440
They've just one appointment
away from this thing, you know,

564
00:30:10,440 --> 00:30:13,720
getting to no reason.
I can't get $0.05 plus.

565
00:30:13,720 --> 00:30:16,960
I mean, the MPV on it is, I
don't know, a billion US or

566
00:30:16,960 --> 00:30:19,400
something silly like that, but
it's kind of irrelevant.

567
00:30:19,400 --> 00:30:22,400
It's just, you know, because
it's only the first ten years,

568
00:30:22,400 --> 00:30:24,760
it's really important and then
there's optionality after that.

569
00:30:25,720 --> 00:30:28,360
Yeah, some some low hanging
fruit and a couple of catalysts

570
00:30:28,360 --> 00:30:31,280
which can go one way or the
other in the next 6 months.

571
00:30:32,640 --> 00:30:35,320
Yep, Yep.
I like the pitch, right?

572
00:30:35,320 --> 00:30:37,080
But that's the pitch anyway.
Yeah, did I?

573
00:30:37,280 --> 00:30:39,040
Was I?
Was I negative enough at the

574
00:30:39,160 --> 00:30:40,840
start to make it look that I'm
that?

575
00:30:40,840 --> 00:30:45,040
I'm not bullshitting mate.
Do I need some rocket emoji

576
00:30:45,040 --> 00:30:48,800
somewhere?
Brutal honesty mate, love it.

577
00:30:49,040 --> 00:30:51,000
Expect nothing else from you.
Oh, good day guys.

578
00:30:51,000 --> 00:30:52,880
How are you?
How are you mate?

579
00:30:52,880 --> 00:30:56,200
Going well, mate.
Cheers for the ad.

580
00:30:56,640 --> 00:31:03,240
Well, I'm looking at a silver
play, so it is Black Bear, which

581
00:31:03,240 --> 00:31:06,720
isn't a good name, but we're
looking at BKB.

582
00:31:06,720 --> 00:31:11,080
So what they've done, they've
kind of acquired a new project.

583
00:31:11,840 --> 00:31:17,000
It's a restart play.
So it's a silver producer in

584
00:31:17,000 --> 00:31:20,520
Texas.
So their flagship asset, it's

585
00:31:20,520 --> 00:31:23,720
called Shafter.
They've had past production.

586
00:31:23,720 --> 00:31:28,880
It was last running in
20/12/2013 when the silver price

587
00:31:28,880 --> 00:31:33,920
fell to about $18.00 per oz.
So their resource, it's a

588
00:31:33,920 --> 00:31:38,800
foreign estimate, what they've
got left about 18,000,000 oz at

589
00:31:38,840 --> 00:31:44,400
289 grams per ton, which could
probably be converted to joke

590
00:31:44,400 --> 00:31:47,200
with a bit more drilling.
So the opportunity here.

591
00:31:47,200 --> 00:31:49,840
So they've just bought it for
about $15 million.

592
00:31:50,880 --> 00:31:55,280
I think they raised about $30
million to get this project, do

593
00:31:55,320 --> 00:31:57,640
a bit of drilling.
And I think they're engaging

594
00:31:57,640 --> 00:32:02,080
with a engineering firm for a
operational restart that's

595
00:32:02,080 --> 00:32:06,200
called Ozenco, I think.
So they're looking at about

596
00:32:06,200 --> 00:32:11,640
1:50, sorry, 1500 tons per day
restart.

597
00:32:11,640 --> 00:32:15,680
So it could get up to about 3
1/2 million oz a year.

598
00:32:16,080 --> 00:32:19,640
It's simple conventional flow
sheet, strong recoveries, about

599
00:32:19,640 --> 00:32:25,920
80 to 85% low capital intensity.
So it's existing infrastructure.

600
00:32:26,440 --> 00:32:31,320
So they spent about $150 million
on this, the last company.

601
00:32:31,320 --> 00:32:35,800
So they got it for a steal for
15 mil with a bit of silver

602
00:32:35,800 --> 00:32:38,360
leftover.
So they got about six or seven

603
00:32:38,360 --> 00:32:42,520
years worth of production there
and they've also got a project

604
00:32:42,520 --> 00:32:46,440
in Nevada, the.
Battle Mountain District, Yeah.

605
00:32:46,440 --> 00:32:48,880
I think they've got a better
million oz there.

606
00:32:49,360 --> 00:32:52,200
I don't see them doing much with
that project but.

607
00:32:52,720 --> 00:32:54,800
This is the old, this is the old
James Bay Minerals.

608
00:32:54,800 --> 00:32:57,040
And then they they bought this
and renamed, right?

609
00:32:57,040 --> 00:32:58,840
Yeah, yeah.
Yeah, what's the restart?

610
00:32:58,840 --> 00:33:04,040
Camp X.
Oh so so they're doing a study

611
00:33:04,040 --> 00:33:06,600
at the moment with.
That.

612
00:33:07,200 --> 00:33:08,520
I think I.
Want to restart?

613
00:33:08,680 --> 00:33:09,720
Yeah, yeah, yeah.
Yeah.

614
00:33:09,760 --> 00:33:11,720
OK.
So do they don't have a number

615
00:33:11,720 --> 00:33:14,520
on that one yet?
No, so you know, it's probably

616
00:33:14,520 --> 00:33:17,080
going to be, you know, 6 to 12
months before we get a number on

617
00:33:17,080 --> 00:33:20,800
it.
But I mean it's only 130, you

618
00:33:20,800 --> 00:33:22,680
know, million market cap at the
moment.

619
00:33:22,680 --> 00:33:24,640
You know it's only got 150 mil
shares.

620
00:33:25,760 --> 00:33:28,680
You know, if they do get into
production, you know, 1824

621
00:33:28,680 --> 00:33:30,520
months and the civil.
Process still where it is.

622
00:33:30,520 --> 00:33:33,000
Now, so that'd be about 100
Aussie, you know, they're

623
00:33:33,000 --> 00:33:37,800
spitting out about, you know,
close to 300 or $400 million

624
00:33:37,840 --> 00:33:41,160
Aussie a year.
And they're valued at, you know,

625
00:33:41,200 --> 00:33:43,200
1:30.
So, you know, for a kind of

626
00:33:43,200 --> 00:33:46,320
midterm play, we kind of see a
little bit of value there.

627
00:33:47,480 --> 00:33:50,560
Yeah, I know absolutely nothing
about this project and.

628
00:33:51,000 --> 00:33:53,320
I like the sound of 300.
Or 400 million bucks a year.

629
00:33:54,160 --> 00:33:56,200
That's pretty appealing.
The stock's been about as

630
00:33:56,200 --> 00:33:59,640
volatile as maybe a bit less
volatile than the silver price

631
00:33:59,640 --> 00:34:02,040
lately, as expected.
Yeah.

632
00:34:03,120 --> 00:34:09,880
I'll see if the waiting tools
the the the report comes out and

633
00:34:10,199 --> 00:34:13,040
re I guess look at it then.
But yeah, it could be a

634
00:34:13,040 --> 00:34:14,600
potential.
You.

635
00:34:14,600 --> 00:34:18,800
Know cheap silver play if silver
continues its bull run.

636
00:34:19,159 --> 00:34:21,800
Yeah.
Given it's in the in the states,

637
00:34:21,800 --> 00:34:24,239
has it actually got a?
Does it sit on a mining permit?

638
00:34:26,040 --> 00:34:28,400
Yeah, yeah.
I'll just go back through some

639
00:34:28,400 --> 00:34:30,360
notes So.
Mate, mate, being in the States

640
00:34:30,360 --> 00:34:32,920
is a good thing these days,
don't you?

641
00:34:34,360 --> 00:34:38,080
Yeah, they've got existing
power, water, all that, all that

642
00:34:39,159 --> 00:34:42,760
done.
So yeah, the mining permit

643
00:34:42,960 --> 00:34:47,120
should say, can't give you that
answer, right?

644
00:34:47,120 --> 00:34:50,080
Yeah.
That's yeah, that's, that's one

645
00:34:50,080 --> 00:34:53,600
to look into.
I'm yet to be convinced that all

646
00:34:53,600 --> 00:34:57,360
the positive talk from the US is
actually gonna materialise into

647
00:34:57,760 --> 00:34:59,320
stuff coming out the end of the
plant.

648
00:34:59,440 --> 00:35:01,000
But but.
I can actually see, I can see

649
00:35:01,000 --> 00:35:03,760
that on the on the the map there
where this project is like it,

650
00:35:03,840 --> 00:35:06,760
it straddles the border between
from Mexico and Texas, mate,

651
00:35:06,760 --> 00:35:07,960
this is like right next to the
wall.

652
00:35:07,960 --> 00:35:10,440
It's right next to the wall.
You can just group your CapEx

653
00:35:10,440 --> 00:35:14,720
together with the wall.
No thanks guys for the witness.

654
00:35:14,960 --> 00:35:16,480
Pitch in.
No, thanks for thanks for

655
00:35:16,480 --> 00:35:18,040
dialing in mate.
That'd be one for us to do some

656
00:35:18,040 --> 00:35:19,360
homework.
On yeah, that's on the radar

657
00:35:19,360 --> 00:35:20,600
now.
Thank you very much mate.

658
00:35:21,240 --> 00:35:24,000
Tommy Warwick is up, so please
by all means unmute yourself now

659
00:35:24,000 --> 00:35:26,640
mate.
Yeah.

660
00:35:26,640 --> 00:35:28,840
Are you guys hearing me?
Yeah, loud and clear mate,

661
00:35:29,040 --> 00:35:30,840
calling in from tape down.
Sorry there.

662
00:35:31,560 --> 00:35:35,320
Yeah, I'm at the ones who run
here on the Wi-Fi, so it might

663
00:35:35,320 --> 00:35:38,640
be a bit unreliable, so.
I'll, I'll blame the, I'll blame

664
00:35:38,640 --> 00:35:41,080
the conference if that's the
case, yeah, that's 121's fault,

665
00:35:41,080 --> 00:35:41,800
not yours.
Yeah.

666
00:35:42,960 --> 00:35:46,000
Exactly.
So yeah, you know, I'm still a

667
00:35:46,000 --> 00:35:47,280
bit out of the loop, as you guys
know.

668
00:35:47,280 --> 00:35:48,600
I've been on the road for a few
weeks.

669
00:35:48,600 --> 00:35:52,400
So yeah, yeah, I mean, has
anyone got a question maybe

670
00:35:52,400 --> 00:35:56,040
about Weir or something like?
That mate, I'd love to hear if

671
00:35:56,320 --> 00:35:58,080
if you've disclosed.
I know you've posted the odd

672
00:35:58,080 --> 00:36:00,480
thing, but what stuck out from
your trip so far?

673
00:36:03,000 --> 00:36:04,720
Well, I fell in love with South
America.

674
00:36:06,520 --> 00:36:10,240
Quinturbo was teasing me about
eating steaks, but I genuinely,

675
00:36:10,560 --> 00:36:15,200
genuinely really loved it.
And you know, Argentina is just

676
00:36:15,200 --> 00:36:17,800
such a wonderful place and it
has Tier 1 geology.

677
00:36:17,800 --> 00:36:19,960
So that that was my big take
away there.

678
00:36:20,760 --> 00:36:22,640
Buenos Aires, a nice city.
We saw the hit.

679
00:36:23,640 --> 00:36:26,680
Oh, it's unbelievable.
And Mendoza as well as someone,

680
00:36:27,080 --> 00:36:30,240
you know, interested in geology
and mountains, you can sit there

681
00:36:30,240 --> 00:36:33,720
and then and Mendoza and just
look at 6000 meter peaks.

682
00:36:33,720 --> 00:36:36,040
And now that was beautiful.
What a dream.

683
00:36:36,880 --> 00:36:42,720
But yeah, yeah.
And then I did go to and Dina

684
00:36:42,720 --> 00:36:44,360
was one of those, one of the
stocks.

685
00:36:44,360 --> 00:36:46,320
It's both about 20 a few weeks
ago.

686
00:36:46,680 --> 00:36:50,360
And then they put out 360 meter
hit that .7.

687
00:36:50,360 --> 00:36:53,640
So it was very pleasing that all
came together.

688
00:36:53,680 --> 00:36:57,600
Special.
Yeah, I'm looking at across the

689
00:36:57,600 --> 00:37:01,600
room seeing higher down he's
he's about to relive the

690
00:37:02,800 --> 00:37:05,120
Namibian gold play called On Way
Metals.

691
00:37:05,120 --> 00:37:06,720
That's probably worth the look
for everyone.

692
00:37:07,240 --> 00:37:10,920
I mean, any anything you know,
higher, higher down as the Midas

693
00:37:10,920 --> 00:37:14,320
touch after.
Yeah, two or three exits.

694
00:37:15,160 --> 00:37:17,480
Last one was casino.
Oh yeah.

695
00:37:17,800 --> 00:37:20,520
Also, yeah, also Namibian.
That was also Namibian gold,

696
00:37:20,520 --> 00:37:23,240
wasn't it?
Yeah, exactly.

697
00:37:23,360 --> 00:37:26,000
So yeah, he, he's got two
players in the media at the

698
00:37:26,120 --> 00:37:27,480
moment.
One's at the top of play.

699
00:37:28,560 --> 00:37:29,920
It's it's good.
It's interesting.

700
00:37:29,960 --> 00:37:31,400
We're in a proper bull market,
right?

701
00:37:31,440 --> 00:37:34,720
So it doesn't really matter.
It's a large, tiny, slow grade.

702
00:37:36,000 --> 00:37:40,560
It's called porridge.
And then the one I am, it's what

703
00:37:40,560 --> 00:37:46,560
we call they're recapping Great
West I think was the ticket in

704
00:37:46,640 --> 00:37:47,800
Canada.
Yeah.

705
00:37:49,320 --> 00:37:55,280
So yeah, we always awesome the
the big take away there was the

706
00:37:55,280 --> 00:37:59,200
pits.
The pits we know about 170,000

707
00:37:59,200 --> 00:38:03,200
oz per annum, but what's
exciting is what's coming out of

708
00:38:03,200 --> 00:38:05,120
the underground.
They keep on getting boot keeps

709
00:38:05,120 --> 00:38:09,880
down there.
And you know if if you if you do

710
00:38:09,880 --> 00:38:13,800
a modest underground operation,
let's call it 50,000 oz per

711
00:38:13,800 --> 00:38:16,240
annum additional you're looking
at 2:30 there.

712
00:38:16,240 --> 00:38:20,440
So it means we are will be
stepping right into that sort

713
00:38:20,440 --> 00:38:24,880
of, you know, bank can type
competitor.

714
00:38:25,520 --> 00:38:28,040
So yeah, the little battler
keeps on battling, keeps on

715
00:38:28,080 --> 00:38:31,680
surprising.
You know, I was looking at the

716
00:38:31,680 --> 00:38:35,320
core visible gold period side
Arsenal pyrite.

717
00:38:36,080 --> 00:38:38,520
You know, it's it's beautiful
form.

718
00:38:39,280 --> 00:38:41,160
I'm licking my lips for another
takeover battle.

719
00:38:41,960 --> 00:38:42,880
Right.
It's Namibia.

720
00:38:42,920 --> 00:38:43,880
Just goes to the Chinese.
Yeah.

721
00:38:46,040 --> 00:38:46,840
Don't.
Don't be so.

722
00:38:46,880 --> 00:38:49,600
Cynical.
Yeah, exactly.

723
00:38:49,640 --> 00:38:52,280
And it's there's a lot of,
there's a lot of suitors in that

724
00:38:52,280 --> 00:38:55,360
sort of space now because all,
all the assets, particularly

725
00:38:55,440 --> 00:38:58,120
African developers, have all
been mopped up slowly.

726
00:38:58,120 --> 00:39:01,800
Perseus, you know, kind of got
left at the altar.

727
00:39:02,160 --> 00:39:06,200
So yeah, having fun.
I'm getting tired, though.

728
00:39:06,200 --> 00:39:08,840
I want to go home.
What's the what's the

729
00:39:08,840 --> 00:39:11,520
temperature like in in Cape Town
made of people up and about?

730
00:39:13,720 --> 00:39:14,760
It's been around.
It was nice.

731
00:39:14,760 --> 00:39:16,640
Yesterday I walked up the Table
Mountain.

732
00:39:17,400 --> 00:39:19,200
That was beautiful. 25 three
today.

733
00:39:19,200 --> 00:39:22,160
Must be in the 20s.
A bit rainy, but that that's

734
00:39:22,160 --> 00:39:23,840
normal for this time of year in
Cape Town.

735
00:39:24,800 --> 00:39:28,960
You know, there's there's an old
tin mine up on Table Mountain

736
00:39:28,960 --> 00:39:30,800
there, isn't there JD like I
did?

737
00:39:30,960 --> 00:39:32,920
Not know that, yeah.
Really.

738
00:39:32,960 --> 00:39:34,440
Yeah, your dad pointed out to
me.

739
00:39:35,280 --> 00:39:36,760
Yeah, pointing down the hill or
on the top.

740
00:39:37,000 --> 00:39:39,120
Not at the top, but like on the
backside.

741
00:39:39,120 --> 00:39:41,080
On the side, yeah.
Interesting.

742
00:39:41,080 --> 00:39:43,600
Yeah.
Little old tin mine Historical.

743
00:39:44,200 --> 00:39:47,440
Amazing, Amazing I.
Might have to face it's so.

744
00:39:47,640 --> 00:39:49,840
Beautiful.
I'm pretty sure that's right.

745
00:39:51,240 --> 00:39:53,080
Yeah.
Anyway, I it is, it is

746
00:39:53,080 --> 00:39:54,960
beautiful.
I, I have a confession.

747
00:39:54,960 --> 00:39:57,520
I didn't make it to the top of
Table Mountain last year, so my

748
00:39:57,520 --> 00:39:58,760
fitness just wasn't up to
scratch.

749
00:40:01,240 --> 00:40:04,040
The cable car was down.
Yeah, cable was with pierced,

750
00:40:04,120 --> 00:40:05,840
but the yeah, the cable car was
down.

751
00:40:05,840 --> 00:40:09,040
So a lot of people were
disappointed, but I I went there

752
00:40:09,040 --> 00:40:12,240
for the workout anyway, so I was
happy to slip to your cloud.

753
00:40:12,720 --> 00:40:14,840
Yeah, bit of a workout.
I like it.

754
00:40:15,080 --> 00:40:17,760
Thanks for calling in Tommy.
It's always great to to chat and

755
00:40:18,280 --> 00:40:19,680
hear how you're seeing the world
mate.

756
00:40:19,760 --> 00:40:23,480
If you came to pitch a stock,
just request speaker and come up

757
00:40:23,600 --> 00:40:27,120
and yeah, pitch.
I got one, yes.

758
00:40:27,120 --> 00:40:31,640
Who have we got?
The hot copper troglodyte that's

759
00:40:31,640 --> 00:40:34,520
been rebranded to the high
Conviction troglodyte out of

760
00:40:34,520 --> 00:40:37,840
concern that Hot Copper might
sue me.

761
00:40:40,120 --> 00:40:41,120
Well, it's great to have you on
mate.

762
00:40:41,120 --> 00:40:45,720
What's the idea?
GRE or green tech medals?

763
00:40:46,040 --> 00:40:49,600
Yeah, it's, it's a bit of an
open secret at this point, but.

764
00:40:51,320 --> 00:40:54,880
You know they've.
Got 24,000,000 tons non joke.

765
00:40:55,560 --> 00:40:59,560
Oh sorry I beg your pardon?
Historical joke but 24,000,000

766
00:40:59,560 --> 00:41:12,160
tons at 2.9g per ton for for PGE
for 2.2 million oz trading at I

767
00:41:12,160 --> 00:41:15,200
think like a. 30 mil market cap
at Chloe's today.

768
00:41:15,240 --> 00:41:17,680
Yeah, that's right.
Up 20% today.

769
00:41:18,720 --> 00:41:22,640
Yeah.
But in saying that, I mean

770
00:41:23,600 --> 00:41:26,440
compared to Chalice, right, this
could be the next Chalice.

771
00:41:26,880 --> 00:41:31,120
That 800 mil market cap and also
the team leading it is like

772
00:41:32,400 --> 00:41:34,760
pretty pretty much second to
none.

773
00:41:35,680 --> 00:41:40,400
I just had that deck off, but
there are some heavy hitters.

774
00:41:41,400 --> 00:41:45,880
You got Simon Kidston as the
chairman who sold Gen.

775
00:41:45,880 --> 00:41:50,680
X for 1.2 billion.
You got Tom Radcliffe who's the

776
00:41:50,680 --> 00:41:53,760
current non exec director of
West Coast Silva, which has been

777
00:41:54,280 --> 00:41:56,400
putting out some pretty banana
grades as.

778
00:41:56,400 --> 00:42:00,400
Well.
Stephen Murphy, who is the

779
00:42:00,400 --> 00:42:04,200
current MD of CZR, which is, I
mean a nice.

780
00:42:04,200 --> 00:42:08,560
Cash back show.
And then you've got Kevin Frost,

781
00:42:08,560 --> 00:42:14,440
who's the technical advisor that
for Tallis as well.

782
00:42:14,480 --> 00:42:19,560
So I mean, it's in WA, way up
north.

783
00:42:20,760 --> 00:42:22,560
Gotcha.
Is this just out of curiosity?

784
00:42:22,560 --> 00:42:24,080
This is the first time I'm
looking at this project.

785
00:42:24,080 --> 00:42:26,960
I don't know much about it at
all, but I can see the deal.

786
00:42:26,960 --> 00:42:30,240
It looks like the typical kind
of crazy deal where you buy 70%

787
00:42:30,240 --> 00:42:32,120
and then the other 30% is free
carried.

788
00:42:32,560 --> 00:42:34,480
They didn't.
And if it's the CZR guy is this?

789
00:42:34,480 --> 00:42:38,600
Did they buy this off crazy is a
crazy deal or is it just a crazy

790
00:42:38,600 --> 00:42:40,440
analogue look alike deal
structure?

791
00:42:45,040 --> 00:42:45,960
Not sure.
I don't know.

792
00:42:46,880 --> 00:42:49,560
Yeah, sorry.
Yeah, Alien Metals is the

793
00:42:49,560 --> 00:42:51,000
vendor.
Who is that?

794
00:42:51,920 --> 00:42:54,200
I mean.
And their pick is UFO.

795
00:42:57,240 --> 00:42:59,760
Oh, that's a, that's a, that's a
buy on that a line.

796
00:43:02,400 --> 00:43:04,840
I mean, yeah, that's that's
really all I've got.

797
00:43:04,840 --> 00:43:07,800
I don't have, I don't have a
bone in it.

798
00:43:07,800 --> 00:43:12,120
But if you if you compare it to
like price of platinum, price of

799
00:43:12,120 --> 00:43:16,720
Palladium and then look at how
old Chalice is doing, it's

800
00:43:16,720 --> 00:43:20,920
definitely one for the radar.
Yep, Yep.

801
00:43:21,000 --> 00:43:24,040
I've never seen a PGM
presentation in the last five

802
00:43:24,040 --> 00:43:26,360
years that didn't compare
themselves with Chalice.

803
00:43:26,600 --> 00:43:30,080
Yeah, I think you have to accept
that Chalice's market cap is

804
00:43:30,200 --> 00:43:33,640
yeah, just, it is what it is.
But like trying to trying to

805
00:43:33,640 --> 00:43:36,120
match it's just kind of like
impossible, you know?

806
00:43:37,320 --> 00:43:42,520
No, it's a fair shout, yeah.
But yeah, the the the Australian

807
00:43:42,520 --> 00:43:47,040
kind of PGM projects are are
having a having their moment,

808
00:43:47,240 --> 00:43:49,840
you know, like, yeah, things
things that have been on love

809
00:43:49,840 --> 00:43:53,960
for like that was that podium
minerals market cap now and then

810
00:43:53,960 --> 00:43:56,800
that Tara Metals had a had a
discovery the other day.

811
00:43:56,800 --> 00:43:57,880
They did.
They've been flying.

812
00:43:57,880 --> 00:44:01,760
I mean Mets again, like the the
thing to always have a good

813
00:44:01,760 --> 00:44:04,080
grasp on.
You know, you can say the same

814
00:44:04,080 --> 00:44:07,680
for chalices.
As for green tech, here I've got

815
00:44:07,720 --> 00:44:08,960
I've got no idea.
Like a Trev.

816
00:44:08,960 --> 00:44:10,440
Just getting up to speed on this
one.

817
00:44:11,320 --> 00:44:14,320
You said it was an open secret
high conviction chocolate diet

818
00:44:14,320 --> 00:44:17,160
but but this was this was not
very open secret to me.

819
00:44:17,160 --> 00:44:18,760
I had literally no idea about
this.

820
00:44:22,000 --> 00:44:23,640
You got to go through my
following list then.

821
00:44:23,960 --> 00:44:26,960
I do.
I absolutely do.

822
00:44:27,720 --> 00:44:29,640
Yeah, you raised a great point.
OK.

823
00:44:29,640 --> 00:44:33,080
So the project's kind of
southeast of Andover, South of

824
00:44:33,080 --> 00:44:34,240
Karratha.
Good morning.

825
00:44:34,360 --> 00:44:35,200
Hey mate.
Hey, John.

826
00:44:35,200 --> 00:44:37,360
Yeah, good.
Good.

827
00:44:37,480 --> 00:44:38,880
How are?
You very well going well mate,

828
00:44:39,000 --> 00:44:42,160
what's your idea?
Well, I just wanted to pick up

829
00:44:42,160 --> 00:44:44,520
on what was just being said
there because I thought it's

830
00:44:44,520 --> 00:44:48,640
kind of interesting you guys not
heard of the UFO company.

831
00:44:49,280 --> 00:44:51,400
It's actually an LSE.
The.

832
00:44:52,400 --> 00:44:55,080
Tiny little market cap company
has been knocking around for

833
00:44:55,840 --> 00:45:00,320
about five years or so.
I think they they kind of took

834
00:45:00,320 --> 00:45:07,000
off a little bit 3-4 years ago.
It was a couple of big

835
00:45:07,000 --> 00:45:09,880
investments were made by, I
think William Middle Coop.

836
00:45:10,400 --> 00:45:11,080
I see.
Sure.

837
00:45:11,880 --> 00:45:12,920
End of the show.
Anyway.

838
00:45:13,360 --> 00:45:19,400
Yeah, OK, gotcha.
So UFO is alien medals which was

839
00:45:19,400 --> 00:45:21,520
the.
Yeah, UFOs to take a London

840
00:45:21,520 --> 00:45:23,760
listed alien medals.
They're the vendor.

841
00:45:24,240 --> 00:45:26,120
I had no idea about this one.
Yeah, I've.

842
00:45:26,960 --> 00:45:30,480
Got another one for you boys
when you're looking for.

843
00:45:30,720 --> 00:45:32,000
Yeah, let's go.
Quiet moment.

844
00:45:32,480 --> 00:45:35,920
Tell me, Tell me to end.
All right, so a little bit of a

845
00:45:35,920 --> 00:45:38,800
dark horse for you, but it's a
dark horse that suddenly became

846
00:45:38,800 --> 00:45:43,080
less dark in the last week.
So it's a company called

847
00:45:43,080 --> 00:45:45,720
Litchfield Minerals.
Yeah, LMS.

848
00:45:46,920 --> 00:45:49,520
They've got a, they've got.
ALMS, that's on.

849
00:45:49,560 --> 00:45:55,960
So they've got a project in NT,
they've had some pretty big

850
00:45:56,000 --> 00:46:02,240
copper hits in some of the
thicker sections of the geology.

851
00:46:02,760 --> 00:46:09,320
So think 100 metre .91 + 1%
zinc.

852
00:46:11,040 --> 00:46:14,520
There's just a lot of smoke,
there's a lot of mineralisation.

853
00:46:15,000 --> 00:46:17,120
They they work, they're trying
to work it out.

854
00:46:17,680 --> 00:46:21,760
The MD is a pretty good guy.
It's been floating around copper

855
00:46:21,760 --> 00:46:25,840
and that for the last 20 years,
who I've banded with back and

856
00:46:25,840 --> 00:46:32,120
forth over the years.
But besides these, these big

857
00:46:32,120 --> 00:46:35,840
intersections and a lot of smoke
and they've got some targets,

858
00:46:36,240 --> 00:46:38,680
but the biggest thing that's
happened in probably the last

859
00:46:38,680 --> 00:46:44,640
week is BHP just announced their
Explorer programme for this year

860
00:46:44,640 --> 00:46:48,600
and only two ASX listed mining
companies got the gong for the

861
00:46:48,600 --> 00:46:51,400
Explorer programme.
One of them was Litchfield.

862
00:46:51,480 --> 00:46:56,360
So BHP tend to do their due
diligence before they give away

863
00:46:56,360 --> 00:46:59,640
half a million U.S.
Dollars for Nicks and I just

864
00:46:59,640 --> 00:47:03,600
thought it was very interesting
that whilst I like the smoke and

865
00:47:03,600 --> 00:47:05,840
think they might be under
something, I just thought it was

866
00:47:05,840 --> 00:47:09,520
very interesting that BHP also
think the same thing.

867
00:47:10,800 --> 00:47:13,760
I wish, I wish I had pointed out
before before before the BHP

868
00:47:13,760 --> 00:47:15,520
Explorer appointment twin, but
you know well.

869
00:47:18,200 --> 00:47:20,160
You should follow me, I've been
tweeting about it for a while.

870
00:47:21,560 --> 00:47:25,600
Yeah, but they rocketed in
October of last year.

871
00:47:25,640 --> 00:47:27,520
So they were.
They went from about $0.15 to

872
00:47:27,640 --> 00:47:30,760
nearly 80 cents, 70 plus cents
they've.

873
00:47:30,760 --> 00:47:32,840
Been floating about.
They did a, they did a cap raise

874
00:47:32,840 --> 00:47:34,680
at 60.
There are 6,000,000 at 60.

875
00:47:34,760 --> 00:47:37,520
They've they've been pretty,
pretty tight ship when it comes

876
00:47:37,520 --> 00:47:43,240
to dollars in the ground.
MD's very salt on the earth.

877
00:47:43,280 --> 00:47:47,280
Go out there, walk the ground,
drill holes, organized stuff

878
00:47:48,200 --> 00:47:53,000
big, so big percentage of spend
goes into the ground, but

879
00:47:53,240 --> 00:47:55,680
they've got some.
It's one of those plays.

880
00:47:55,680 --> 00:48:02,480
It's a, it's a bit, it's hard to
explain, but the historic was

881
00:48:02,480 --> 00:48:07,080
about the target was about
25,000,000 tonnes of 1%.

882
00:48:07,640 --> 00:48:11,040
But that was based off just
straight vertical holes, sort of

883
00:48:11,440 --> 00:48:13,440
iggledy piggledy through the
area.

884
00:48:14,120 --> 00:48:16,840
And it's the first time that
someone's actually done the

885
00:48:16,840 --> 00:48:21,440
proper Aeromag and they've got
some high Siemens targets.

886
00:48:21,440 --> 00:48:26,080
They've they've already hit very
wide grade copper, zinc, so it

887
00:48:26,080 --> 00:48:27,560
is mineralised.
That is big.

888
00:48:28,720 --> 00:48:31,080
They've now got to spend the
next six months actually

889
00:48:31,360 --> 00:48:33,440
targeting it on the the good
stuff.

890
00:48:34,960 --> 00:48:38,440
But yeah, it could just be 1 to
watch given that I thought they

891
00:48:38,440 --> 00:48:40,640
were good.
But the fact that BHP have

892
00:48:40,640 --> 00:48:43,640
backed them as well, I think
it's probably gives them a

893
00:48:43,640 --> 00:48:49,880
little bit more credibility.
I yeah, no, it's interesting.

894
00:48:49,880 --> 00:48:51,960
I'd love to know the relative
performance of a lot of these

895
00:48:52,400 --> 00:48:56,760
explore peaks post then becoming
explored because I know the

896
00:48:56,760 --> 00:49:00,400
timeline, like for them to
actually come come through is a

897
00:49:00,400 --> 00:49:01,760
long time.
But it feels like there's often

898
00:49:02,280 --> 00:49:04,840
a bit of a bit of, you know,
heat around and post

899
00:49:04,840 --> 00:49:06,960
announcement.
And then then there's the, you

900
00:49:06,960 --> 00:49:10,440
know, the, the typical waiting
for progress and the long

901
00:49:10,440 --> 00:49:12,360
duration of progress when it
comes to exploration stuff.

902
00:49:12,360 --> 00:49:14,400
But we'll keep watching it
closely, mate.

903
00:49:15,920 --> 00:49:19,920
Yeah, not worth worth watching.
Doing a bunch of 100m step outs,

904
00:49:19,920 --> 00:49:23,000
kind of interesting.
Yeah, John Doyle, are you still

905
00:49:23,000 --> 00:49:26,360
there?
Sorry mate, my didn't realize

906
00:49:26,360 --> 00:49:28,040
I'd gone.
Yeah, I was churning away and no

907
00:49:28,040 --> 00:49:31,200
one Mike.
What did we miss?

908
00:49:31,200 --> 00:49:31,760
Sorry.
Guys, yeah.

909
00:49:31,760 --> 00:49:35,000
So I was just, I was basically
interested in just in that, that

910
00:49:35,000 --> 00:49:39,680
area around the, the previous
we're talking about the UFO AIM

911
00:49:39,680 --> 00:49:42,920
listed company, which its assets
have just been kind of hived off

912
00:49:43,120 --> 00:49:44,760
and you guys never really talk
about it.

913
00:49:45,880 --> 00:49:48,200
But you've got you've got this
West Coast silver company that's

914
00:49:48,200 --> 00:49:51,840
emerged with this.
It's very high grade silver

915
00:49:51,840 --> 00:49:54,240
deposit UFO.
What the the key bit they they,

916
00:49:54,240 --> 00:49:56,160
but they managed to bring these
licenses together.

917
00:49:56,160 --> 00:49:59,440
There was some sort of a dispute
the previous owners back 25

918
00:49:59,440 --> 00:50:04,200
years ago and these licenses
were just sort of unworkable

919
00:50:04,200 --> 00:50:08,280
because of this dispute.
But a geologist in the UK

920
00:50:08,280 --> 00:50:12,800
brought these two back together
and made opened up that area.

921
00:50:13,440 --> 00:50:18,840
I'm not quite sure how big, how
potentially valuable that

922
00:50:18,840 --> 00:50:22,120
deposit is.
Obviously the grades are kind of

923
00:50:22,120 --> 00:50:25,240
off the dial.
I think it's they're very, they

924
00:50:25,240 --> 00:50:32,920
reported 37,000 oz per gram, so
per tonne of silver last week,

925
00:50:33,680 --> 00:50:37,440
which is quite something.
Anyway, that's interesting.

926
00:50:37,440 --> 00:50:40,320
But just sitting next to it,
you've got the the money, money

927
00:50:41,200 --> 00:50:48,680
deposit or it's a historic joke,
a very historic resource there

928
00:50:49,240 --> 00:50:52,320
of PMGS Yep, no drilling there
for years.

929
00:50:52,320 --> 00:50:55,120
I think they're just about to
start on that, but that's worth

930
00:50:55,120 --> 00:50:57,520
a look at.
And then obviously you've got

931
00:50:57,520 --> 00:51:02,000
the Artemis resources, old Radio
Hill plant, probably 20-30 KS

932
00:51:02,000 --> 00:51:05,360
away.
So that plant's been dormant for

933
00:51:05,440 --> 00:51:08,440
many years and I think that
they're looking at the

934
00:51:08,440 --> 00:51:10,440
possibility of sort of
restarting that.

935
00:51:10,440 --> 00:51:14,320
So that could create quite a
little hub for these sort of

936
00:51:14,320 --> 00:51:18,960
little outlier companies with
small, smallish deposits, but

937
00:51:19,520 --> 00:51:21,240
obviously in this metal
environment.

938
00:51:21,400 --> 00:51:23,440
Quite interesting.
And then the other one I wanted

939
00:51:23,440 --> 00:51:28,400
to mention was Cobrae.
I think what they're obviously

940
00:51:28,640 --> 00:51:36,560
the BP Explore recipient two or
three years ago or two years

941
00:51:36,560 --> 00:51:38,960
ago.
I think this in situ copper

942
00:51:39,280 --> 00:51:40,680
recovery thing is quite
interesting.

943
00:51:40,680 --> 00:51:44,760
I've been, I'm an investor in
Toseco copper over in the US the

944
00:51:44,760 --> 00:51:48,640
Florence mine and they seem to
be absolutely flying and they

945
00:51:48,960 --> 00:51:52,240
straight to copper cathode.
So it's just a genius idea.

946
00:51:52,240 --> 00:51:55,440
Obviously it also takes place
with uranium and this in situ

947
00:51:55,440 --> 00:51:57,920
recovery.
But I just think that's that

948
00:51:57,920 --> 00:51:59,880
corporate projects potentially
want to watch.

949
00:52:00,520 --> 00:52:02,160
Yeah.
But COBRA just overnight have

950
00:52:02,160 --> 00:52:04,920
done a, a $50 million raising
and they've bought a producing

951
00:52:04,920 --> 00:52:11,320
asset in, in in South America.
So that kind of changes the the

952
00:52:11,440 --> 00:52:12,760
the the picture quite a bit,
doesn't it?

953
00:52:15,240 --> 00:52:18,640
Well, I was wondering, I noticed
it's a copper cathode producer.

954
00:52:19,160 --> 00:52:20,920
I wasn't quite sure if there was
a link there.

955
00:52:22,680 --> 00:52:26,760
I haven't looked too closely
that the I haven't seen the docs

956
00:52:26,760 --> 00:52:28,680
that have that have kind of come
out but.

957
00:52:28,880 --> 00:52:32,120
Just the field article.
Yeah, yeah, yeah.

958
00:52:32,200 --> 00:52:35,680
The model, the model kind of
changes a bit, but some some

959
00:52:35,680 --> 00:52:38,760
interesting backing 50 millions
of days, an old race to do so

960
00:52:39,920 --> 00:52:41,120
kind of save.
Yeah, they've got, I think

961
00:52:41,160 --> 00:52:43,520
they've got some big names on it
and they're backing it

962
00:52:43,560 --> 00:52:46,160
trafficker and.
Yeah, BlackRock.

963
00:52:46,200 --> 00:52:50,360
BlackRock in there as well.
Yeah, interesting.

964
00:52:50,880 --> 00:52:53,440
There were, I think that's
definitely a company to watch.

965
00:52:53,440 --> 00:52:58,160
You're still quite a low market
cap and the, the you know, the

966
00:52:58,160 --> 00:53:00,400
deposits sort of in the
vicinity, you've obviously got

967
00:53:00,800 --> 00:53:04,440
Sand fire, you've got Comic Cow
further up 50 KS away.

968
00:53:05,240 --> 00:53:07,920
You know that that area is
definitely fascinating.

969
00:53:09,360 --> 00:53:11,560
I know you guys have got some
interest in that.

970
00:53:12,040 --> 00:53:14,920
And then the other one, I think
it's sort of, you know, more of

971
00:53:14,920 --> 00:53:17,280
an underrated, overrated one.
It's got to be Greatland.

972
00:53:19,280 --> 00:53:22,920
I just, I just think the
Australian market completely

973
00:53:22,920 --> 00:53:24,920
underestimates what's going on
there.

974
00:53:25,920 --> 00:53:29,120
And you're kind of seeing it,
yeah, you know, coming, emerging

975
00:53:29,120 --> 00:53:30,800
through and through.
It's it's fascinating.

976
00:53:30,800 --> 00:53:33,360
I don't know if you guys are
following the West Dome Deeps

977
00:53:33,360 --> 00:53:35,520
discovery.
Yeah, to be fair, it's a $9

978
00:53:35,520 --> 00:53:38,640
billion company.
It's it is a big but yeah, but

979
00:53:38,640 --> 00:53:41,840
it it's also like they the
exploration that they do have.

980
00:53:41,840 --> 00:53:45,160
I keep hearing this over and
over from various drillers.

981
00:53:45,440 --> 00:53:48,320
Yeah, is they've got they've got
they've got a lot of stuff.

982
00:53:48,320 --> 00:53:50,640
They get a lot of options that
they can they can leverage not

983
00:53:50,640 --> 00:53:52,720
just the West time deep.
It's not not just Haveron, but

984
00:53:53,360 --> 00:53:56,840
there's a there's a lot that
they inherited that can can come

985
00:53:56,840 --> 00:54:00,840
into them their mind plan that
just you know, they're that's

986
00:54:00,840 --> 00:54:02,640
the work wasn't done.
I think it's, I think it's

987
00:54:02,640 --> 00:54:05,440
incredibly exciting.
I agree with you, John.

988
00:54:05,720 --> 00:54:09,800
I do think, I mean, maybe London
Gold has has pushed back on what

989
00:54:09,800 --> 00:54:12,520
the upper limit of a single
asset producer can be valued at.

990
00:54:13,000 --> 00:54:16,160
But at the end of the day, it's
a still a single asset producer.

991
00:54:16,800 --> 00:54:19,880
And you've got a bit of CapEx
that needs to go into the to the

992
00:54:19,880 --> 00:54:23,160
ground to get heavier on online
in, in the next few years.

993
00:54:23,160 --> 00:54:26,400
And I think the markets got very
comfortable with the the quote

994
00:54:26,400 --> 00:54:28,720
UN quote production gap that
they were going to have before

995
00:54:28,720 --> 00:54:31,400
that happens and everything.
But yeah.

996
00:54:33,880 --> 00:54:38,720
There's a few targets sitting
around Telfo, which there's one

997
00:54:38,720 --> 00:54:42,840
called Desert's Revenge.
And it's just, it's just amazing

998
00:54:42,840 --> 00:54:46,240
how I loved that that whole area
was, it seems that new Crest

999
00:54:46,240 --> 00:54:49,680
would just just totally just
ignored it.

1000
00:54:49,680 --> 00:54:51,840
You know, it's completely, I
think they were crying out for

1001
00:54:51,840 --> 00:54:54,840
CapEx, those guys working at
Telfer and just didn't get

1002
00:54:54,840 --> 00:54:57,240
anything.
And it shows, you know, and it's

1003
00:54:57,240 --> 00:54:59,040
just there's a lot.
There's a lot going on that

1004
00:54:59,040 --> 00:55:00,360
there's a lot of opportunity
there.

1005
00:55:01,120 --> 00:55:03,720
It is it's wicked to say, to be
honest.

1006
00:55:03,800 --> 00:55:07,360
Like when when the share price
finally surpasses the the high

1007
00:55:07,360 --> 00:55:10,440
of of 21, it'll just be such a
cool moment.

1008
00:55:10,840 --> 00:55:12,920
Yeah.
Totally, Yeah.

1009
00:55:13,320 --> 00:55:14,800
And I think this is a great
idea, guys.

1010
00:55:14,960 --> 00:55:17,040
So keep it going.
I think it's good to have the

1011
00:55:17,040 --> 00:55:18,800
opportunity to to check in.
Thanks.

1012
00:55:18,920 --> 00:55:20,480
Mate, thanks for thanks for
standing up.

1013
00:55:20,520 --> 00:55:24,000
Appreciate that we've got a jobs
and growth on who we haven't

1014
00:55:24,000 --> 00:55:25,920
heard from yet mate, if you
wanted to say anything.

1015
00:55:27,080 --> 00:55:28,440
Good day guys.
Has anyone?

1016
00:55:28,440 --> 00:55:31,600
Pitched to you our daya yet?
No, just jumped on.

1017
00:55:31,640 --> 00:55:33,680
I'm so excited by this.
I'm so keen to hear.

1018
00:55:33,680 --> 00:55:36,560
This yeah, I keep looking at
this and I can't make sense of a

1019
00:55:36,640 --> 00:55:38,840
lot of it, but I'd love to hear
the other side of things.

1020
00:55:39,640 --> 00:55:42,600
I mean, it's 150 mil market cap,
right?

1021
00:55:43,240 --> 00:55:46,240
Yeah.
And it has 800 million tons of

1022
00:55:46,560 --> 00:55:49,160
of .75% nickel lab, right?
In the ground.

1023
00:55:49,320 --> 00:55:53,120
Yep, you have Mitsubishi and
Sumitomo paying for the DFS

1024
00:55:53,320 --> 00:55:56,560
earning a 50% stake in the
project by spending $100 million

1025
00:55:56,560 --> 00:55:57,360
to do that.
Yep.

1026
00:55:58,000 --> 00:56:04,200
It's a 4040 year plus my life
asset and the DFS have a $20,000

1027
00:56:04,200 --> 00:56:07,360
nickel price and which is
obviously higher than we are

1028
00:56:07,360 --> 00:56:09,800
today, but a lower cobalt price
than we are today.

1029
00:56:09,840 --> 00:56:13,360
Had an $800 million EBITDA per
year for four years.

1030
00:56:14,720 --> 00:56:20,120
So this to me seems materially
undervalued for what the project

1031
00:56:20,120 --> 00:56:21,480
is going to output.
I mean you do a.

1032
00:56:22,200 --> 00:56:24,920
You know MPV model and after
year 15 you're not really adding

1033
00:56:24,920 --> 00:56:28,160
much and just for the for the
size of this asset and the

1034
00:56:28,160 --> 00:56:30,720
location of the asset, the
partners that they have like the

1035
00:56:30,720 --> 00:56:34,560
partners have built, are they
successful nickel laterite H

1036
00:56:34,560 --> 00:56:38,440
power plants in the Philippines,
especially with Snooki Turbo.

1037
00:56:38,440 --> 00:56:42,480
So I think the issues we've seen
in other particular laterite

1038
00:56:42,480 --> 00:56:44,680
projects in Australia aren't
really going to be as big a

1039
00:56:44,680 --> 00:56:48,400
problem here.
So yeah, I just for me, I don't

1040
00:56:48,400 --> 00:56:51,680
understand $150 million for this
project.

1041
00:56:51,720 --> 00:56:54,360
I mean you they obviously have
to spend the CapEx, but

1042
00:56:54,360 --> 00:56:57,960
obviously they've now got the
not got that they have a on the

1043
00:56:57,960 --> 00:57:00,000
table.
The US government is showing

1044
00:57:00,000 --> 00:57:02,400
government pitching in the
billion dollars worth of loans

1045
00:57:02,640 --> 00:57:04,240
to get this up and going.
So.

1046
00:57:05,440 --> 00:57:09,080
I think the I think the equity
markets don't, they don't like

1047
00:57:09,760 --> 00:57:14,160
they just there's a, there's a a
belief that you yeah, we're not

1048
00:57:14,160 --> 00:57:17,400
going to see AH, pal built in WA
anytime soon.

1049
00:57:17,400 --> 00:57:19,600
When, when then, then the
ladder, right, nickel ladder,

1050
00:57:19,600 --> 00:57:22,880
right, we've got here is half
the grade of, of everything in

1051
00:57:22,880 --> 00:57:24,600
Indonesia or the Philippines or
whatever.

1052
00:57:24,680 --> 00:57:27,920
And, and, and that stuff there's
from surface and then that.

1053
00:57:28,040 --> 00:57:30,640
So it kind of takes the
corporate activity to overwhelm

1054
00:57:30,640 --> 00:57:32,640
the equity market.
So if you know, if like you've

1055
00:57:32,640 --> 00:57:36,640
got the, the progress from from
Sumitomo, etcetera, moving

1056
00:57:36,640 --> 00:57:39,480
things forward and and telling
the equity markets what they

1057
00:57:39,480 --> 00:57:41,680
really think, then then that
that's great.

1058
00:57:41,720 --> 00:57:45,040
I, I've, I've been in the
category of like, I just

1059
00:57:45,040 --> 00:57:48,520
disbelief, to be fair, but
that's my own, you know,

1060
00:57:48,520 --> 00:57:49,720
cynicism that can get in the
way.

1061
00:57:49,800 --> 00:57:52,120
I I think I was just going to
say, if you comp it with

1062
00:57:52,280 --> 00:57:56,400
Centaurus, which is like one of
the go to, you know, other

1063
00:57:56,400 --> 00:58:00,480
undeveloped albeda sulfide
project in, in Brazil, our day

1064
00:58:00,480 --> 00:58:03,200
is kind of outperformed.
If you look at like the last few

1065
00:58:03,200 --> 00:58:05,720
months, you know, when they they
both reacted well to the uptick

1066
00:58:05,720 --> 00:58:09,520
in in nickel price when nickel
went from call it 15 to to

1067
00:58:09,520 --> 00:58:14,160
18,000 a ton and they both
reacted well.

1068
00:58:14,160 --> 00:58:18,000
But then are there's held on on
the back of the, you know, the,

1069
00:58:18,760 --> 00:58:22,680
the extra funding or non binding
funding that that could come

1070
00:58:22,680 --> 00:58:26,120
through.
So I think, I think it kind of

1071
00:58:26,120 --> 00:58:28,760
shows there is a bit of
receptiveness to it.

1072
00:58:29,360 --> 00:58:31,960
You're just in arguably the most
hated commodity out there.

1073
00:58:33,320 --> 00:58:36,240
Which is probably the right time
to you're looking at stuff.

1074
00:58:36,760 --> 00:58:38,680
I I love the contrarian streak
about it totally we.

1075
00:58:38,840 --> 00:58:41,320
We were talking about, we were
talking about punting on a

1076
00:58:41,320 --> 00:58:43,080
nickel laterite thing today,
but.

1077
00:58:43,640 --> 00:58:46,120
Yeah.
I mean, this is obviously hated

1078
00:58:46,280 --> 00:58:47,960
as you can tell.
It was a gold player would be,

1079
00:58:47,960 --> 00:58:51,480
you know, obviously Nickel
Industries.

1080
00:58:51,480 --> 00:58:53,240
I'm not going to pitch that,
yeah, because people know about

1081
00:58:53,320 --> 00:58:55,120
it, but but that's an amazing
business.

1082
00:58:55,120 --> 00:58:59,360
That's that like, you know, the
the new ENC plant they're about

1083
00:58:59,360 --> 00:59:02,400
to restart, that's going to like
completely change that business

1084
00:59:02,400 --> 00:59:06,760
in terms of it's able to go way
up the value chain in nickel.

1085
00:59:06,760 --> 00:59:08,600
It's not just a pig iron
producer, it's actually

1086
00:59:08,600 --> 00:59:10,960
producing nickel cathodes.
It's that's going to become,

1087
00:59:11,920 --> 00:59:15,440
it's a game changer for them and
being an integrated minor

1088
00:59:15,440 --> 00:59:18,440
processor profile like that,
that's an amazing business.

1089
00:59:20,200 --> 00:59:22,920
I'm not sure if you get tabs on
it, but the the news coming out

1090
00:59:22,920 --> 00:59:25,680
of Indonesia the last couple
weeks has been pretty gnarly

1091
00:59:26,240 --> 00:59:30,960
like.
Yeah, the the way the MD from

1092
00:59:31,480 --> 00:59:33,880
Nickel Industries was talking
about it is a lot of the cuts

1093
00:59:33,880 --> 00:59:36,000
are going to come from the non
integrated miners.

1094
00:59:37,000 --> 00:59:41,000
So people like Nickel Industries
and people who have mines plus H

1095
00:59:41,000 --> 00:59:42,880
Val plants aren't going to be as
affected.

1096
00:59:44,680 --> 00:59:47,040
And it's almost good for them in
a way because it's going to, you

1097
00:59:47,480 --> 00:59:50,520
know, the, the extra ore that
they do sell to the other H Val

1098
00:59:50,520 --> 00:59:53,560
producers is beneficiary to them
because it's going to increase

1099
00:59:53,560 --> 00:59:56,280
the price of the actual ore.
I don't know if you had a

1100
00:59:56,280 --> 01:00:01,000
different take on that.
Yeah, I mean looking broadly

1101
01:00:01,000 --> 01:00:04,000
across you see what's happened
with the the Matabe mine that,

1102
01:00:05,520 --> 01:00:08,160
you know, it looks like it's
going to be plucked off the the

1103
01:00:08,160 --> 01:00:13,160
Hong Kong listed company that
that owns it and the the whole

1104
01:00:13,280 --> 01:00:18,360
the whole exchange dipped 8910
percent last week.

1105
01:00:18,520 --> 01:00:22,600
It's very.
Very kind of authoritarian in,

1106
01:00:22,600 --> 01:00:26,040
in nature, hundreds of permits
being being pulled up.

1107
01:00:26,040 --> 01:00:29,400
It's not what exactly instills
confidence.

1108
01:00:29,400 --> 01:00:33,520
And I think if you you step back
from that again, I think the the

1109
01:00:33,520 --> 01:00:37,160
news of the, the royalty and
regulatory regime slowly

1110
01:00:37,160 --> 01:00:41,440
shifting in Indonesia when when
a bit underweight maybe 6-6

1111
01:00:41,440 --> 01:00:44,120
months ago, maybe 12 months ago
when it first sort of started

1112
01:00:44,120 --> 01:00:46,920
changing.
I think over time that plays out

1113
01:00:48,040 --> 01:00:51,760
in addition to in in addition to
the grades slowly wearing away

1114
01:00:52,080 --> 01:00:54,960
and the, you know, the, the
distance from the mill and all

1115
01:00:54,960 --> 01:00:59,840
this sort of stuff increasing.
I think, I think that all kind

1116
01:00:59,840 --> 01:01:01,880
of bodes well for your idea pick
to be honest.

1117
01:01:03,120 --> 01:01:07,080
Yeah, the only other one that
was interesting in the nickel

1118
01:01:07,080 --> 01:01:08,800
space.
You guys may know about it, may

1119
01:01:08,800 --> 01:01:11,640
not.
It's called London Metals.

1120
01:01:12,240 --> 01:01:15,200
Yeah, we know it it, you know
it's.

1121
01:01:15,200 --> 01:01:17,280
Right in the middle of the It's
a nickel or gold now, though.

1122
01:01:19,680 --> 01:01:23,120
Either.
Yeah.

1123
01:01:23,120 --> 01:01:25,360
It's just interesting that.
It's right in the middle of the

1124
01:01:25,400 --> 01:01:30,000
Saint Ives gold field and you
know, they've got this huge 600

1125
01:01:30,000 --> 01:01:34,000
meter long magnetic anomaly the
WA government's given the grant

1126
01:01:34,000 --> 01:01:38,920
to Jewel for that's 2K's between
gold fields, Apollo Lago and the

1127
01:01:38,920 --> 01:01:41,880
Victory Defiance and they were
what, 2 million oz mines?

1128
01:01:42,360 --> 01:01:47,000
And they have, we still have the
permitted nickel sulfide mine

1129
01:01:47,320 --> 01:01:49,560
and another one that's not
permanent, but it could be

1130
01:01:49,560 --> 01:01:52,560
restarted and they obviously
need Campbell to restart, which

1131
01:01:52,560 --> 01:01:54,080
is obviously probably never
going.

1132
01:01:55,560 --> 01:01:57,360
To happen so and how how
refreshing is it hearing a

1133
01:01:57,360 --> 01:01:59,960
nickel stock pitched yeah I've
had this in a you.

1134
01:02:00,000 --> 01:02:02,680
Can Chuck live zone in there if
we're going to, if we're going

1135
01:02:03,040 --> 01:02:06,240
to name the the handful of
projects that maybe BHB selling

1136
01:02:06,240 --> 01:02:08,560
out, it's going to be the the
the ultimate Contra signal.

1137
01:02:09,720 --> 01:02:11,840
Yeah, we'll see anyway.
That one's interesting.

1138
01:02:11,840 --> 01:02:14,680
Just the fact it's $60 million,
they're going to make 40 million

1139
01:02:14,680 --> 01:02:18,840
from their current goals, like
Lady Harry Online, which is only

1140
01:02:18,840 --> 01:02:21,640
small, but they're mining that
with some knives, processing it.

1141
01:02:21,880 --> 01:02:23,400
Yeah, and they have some other
options.

1142
01:02:23,400 --> 01:02:29,240
So it's almost trading it.
So say sixty, 7080% of the cash.

1143
01:02:29,280 --> 01:02:30,880
That.
They're going to generate from

1144
01:02:30,880 --> 01:02:32,560
that so.
Yeah.

1145
01:02:33,440 --> 01:02:36,920
Yeah, not not super compelling,
but interesting.

1146
01:02:36,920 --> 01:02:40,520
Just just while we're talking
nickel, But yeah, anyway, yeah,

1147
01:02:40,520 --> 01:02:42,840
my pretty nickel ideas.
I like your.

1148
01:02:42,840 --> 01:02:45,280
Work mate, thank you very much
for for pitching and coming up

1149
01:02:45,320 --> 01:02:47,760
and sharing.
And we've got Josh Baker on the

1150
01:02:48,320 --> 01:02:51,160
spaces now.
Josh, what do you want to pitch?

1151
01:02:53,440 --> 01:02:55,600
Sorry for my technical
difficulties.

1152
01:02:55,600 --> 01:02:58,440
I'm not sure what happened.
It's I have a few different

1153
01:02:58,440 --> 01:03:01,680
things I can talk about, but
I'll probably start with, you

1154
01:03:01,680 --> 01:03:04,680
know, one that's probably gonna
be a bit more interesting for a

1155
01:03:04,680 --> 01:03:07,320
broader audience.
It's so Mega Metals.

1156
01:03:07,320 --> 01:03:09,400
I think it's one I've talked
about before, but I've actually

1157
01:03:09,400 --> 01:03:10,960
started buying those back.
Yeah.

1158
01:03:11,080 --> 01:03:13,840
On this dip because I've sort of
been a seller from like 3 to 30

1159
01:03:13,840 --> 01:03:15,160
cents.
Yeah.

1160
01:03:15,280 --> 01:03:17,560
Oh, oh, wow.
So it's, it's, it's come down a

1161
01:03:17,560 --> 01:03:18,800
lot.
So yeah, I can see.

1162
01:03:18,920 --> 01:03:22,560
Yeah, yeah.
Yes, I think quarterly sort of

1163
01:03:22,560 --> 01:03:25,720
pretty much I had some small
issue that probably slowed them

1164
01:03:25,720 --> 01:03:27,800
down for actually beating top
end of guidance.

1165
01:03:27,880 --> 01:03:31,640
Yeah, which is for 10,000.
In that period, the clean

1166
01:03:31,640 --> 01:03:35,080
production ramparts, pretty much
all going to plan good racks,

1167
01:03:35,080 --> 01:03:37,760
good grade reconciliation as
well, which is usually what

1168
01:03:37,760 --> 01:03:40,720
kills all these guys because
they don't do good resource

1169
01:03:40,720 --> 01:03:43,480
models.
Probably cash flow doesn't look

1170
01:03:43,480 --> 01:03:46,760
as good as what people thought.
But if anyone speaks to the

1171
01:03:46,760 --> 01:03:49,120
team, he's running a gold
bullion strategy.

1172
01:03:49,240 --> 01:03:51,440
So it's a bullion bank now.
Yeah, you can think of it as

1173
01:03:51,440 --> 01:03:55,840
that so version of Tribune or
Tribute or whatever it's called.

1174
01:03:56,760 --> 01:03:59,920
But I think what's interesting
is is they've sort of been a lot

1175
01:03:59,920 --> 01:04:02,680
more specific on running a
second underground at Turnberry

1176
01:04:03,400 --> 01:04:05,840
as well, which will start
development work by media

1177
01:04:05,840 --> 01:04:08,480
because I'll use the first or
the central pit as an

1178
01:04:08,480 --> 01:04:12,040
underground portal for that.
It's interesting.

1179
01:04:13,840 --> 01:04:15,720
Well, the, the good part why
it's interesting, I'll start

1180
01:04:15,760 --> 01:04:19,120
with the cynical version is you
run 2 undergrounds just in case

1181
01:04:19,120 --> 01:04:21,440
Andy, well, doesn't stack up.
So that's what the cynical take

1182
01:04:21,440 --> 01:04:24,280
is.
The more interesting take or the

1183
01:04:24,280 --> 01:04:28,320
positive take is that running
two undergrounds is never in the

1184
01:04:28,320 --> 01:04:30,080
revised DFS for the
refurbishment.

1185
01:04:30,160 --> 01:04:34,000
There's always part of the
bigger DFS they did maybe 22 or

1186
01:04:34,000 --> 01:04:36,520
23 where they'd run 1,000,000
tonne per annum mil.

1187
01:04:37,120 --> 01:04:39,360
So I think what this is
indicating is, is they're

1188
01:04:39,360 --> 01:04:42,880
already starting the the work on
the expansion plan.

1189
01:04:43,800 --> 01:04:47,920
So if anyone in sort of took the
team will sort of follow the

1190
01:04:47,920 --> 01:04:51,400
company, there was always that
scope to sort of go back to that

1191
01:04:51,400 --> 01:04:55,000
level post the research.
So obviously they're never

1192
01:04:55,000 --> 01:04:58,520
really talked about as an
expansion or have a study, you

1193
01:04:58,520 --> 01:05:01,720
know in any detail, but they're
starting that one thing I think

1194
01:05:01,720 --> 01:05:05,360
is indicative of them
progressing that.

1195
01:05:05,360 --> 01:05:08,240
So you know, when you start
talking 1,000,000 tonne per

1196
01:05:08,240 --> 01:05:12,400
annum from that 6 to 650, you
might actually in, you know, who

1197
01:05:12,400 --> 01:05:15,640
knows when the timing is, but
that's how you sort of get this

1198
01:05:15,640 --> 01:05:18,200
mining operation up to that
100,000 oz per hour mark.

1199
01:05:18,800 --> 01:05:23,560
So if you say in 18 months, 24
months, instead of maybe peaking

1200
01:05:23,560 --> 01:05:28,200
out at 7580 thousand, they can
then run 102 undergrounds

1201
01:05:28,680 --> 01:05:34,960
feeding three 2 1/2 to 3 1/2
gram, all blended, probably low

1202
01:05:34,960 --> 01:05:39,000
to mid, all in cost at 2 1/2
into Spot gold because they're

1203
01:05:39,000 --> 01:05:41,280
fully unhedged equity fund at
the lot.

1204
01:05:42,560 --> 01:05:45,480
You've got a case there where
that's probably now a 1 1/2

1205
01:05:45,480 --> 01:05:47,560
billion dollar company if it all
goes to play.

1206
01:05:48,240 --> 01:05:51,040
So you'd expect it starts to
follow the footsteps of like

1207
01:05:51,040 --> 01:05:55,760
Orabanda and Catalyst, you know
when they came on and they'll

1208
01:05:55,760 --> 01:05:59,640
start 100,000 hours, we go to
100, we go to 150, etcetera.

1209
01:05:59,640 --> 01:06:02,360
You've probably got a similar
story that will start to evolve

1210
01:06:02,360 --> 01:06:06,480
over the course of this year
with makeup, and it can all be

1211
01:06:06,480 --> 01:06:12,280
internally funded in theory.
Yeah, the I, I, I agree with

1212
01:06:12,280 --> 01:06:15,480
your like your assessment of the
quarterly numbers because I

1213
01:06:15,480 --> 01:06:17,880
remember reading them and
thinking I don't understand why

1214
01:06:17,880 --> 01:06:21,160
they're being punished for this.
It seemed pretty positive.

1215
01:06:21,800 --> 01:06:26,400
The the expansion thesis sounds
interesting and I reckon you're

1216
01:06:26,680 --> 01:06:28,000
you're probably on the money
there.

1217
01:06:28,320 --> 01:06:30,920
The bit that I haven't done work
on, but I know you would have.

1218
01:06:30,920 --> 01:06:35,640
Josh is like you're like the
sugar hit they had from the the

1219
01:06:36,280 --> 01:06:39,400
like the open pits from surface
at a decent grade.

1220
01:06:39,760 --> 01:06:42,800
How like how, how, what's the
duration that they'll last and,

1221
01:06:42,800 --> 01:06:45,520
and what's the, you know, the
mine plan outlook beyond beyond

1222
01:06:45,520 --> 01:06:48,240
their life.
Yeah.

1223
01:06:48,240 --> 01:06:51,640
So the pits, I think they were
just initially meant to be for

1224
01:06:51,640 --> 01:06:54,320
the first year, but you do
generate a lot of stockpiles out

1225
01:06:54,320 --> 01:06:56,000
of them as well for blending
purposes.

1226
01:06:56,200 --> 01:06:58,200
Yeah.
So it depends on whether they

1227
01:06:58,200 --> 01:07:00,360
reoptimize the pit to take
advantage of the high gold

1228
01:07:00,360 --> 01:07:01,840
price.
So that's always the big unknown

1229
01:07:02,240 --> 01:07:04,920
as well.
But then you do have to make

1230
01:07:04,920 --> 01:07:07,880
that transition to underground
in the central pit.

1231
01:07:08,000 --> 01:07:10,840
And I think the northern or the
southern pit always get the

1232
01:07:10,840 --> 01:07:13,320
orientation of the pictures
around the wrong way in my head

1233
01:07:13,320 --> 01:07:15,840
that I run a dual portal on the
term underground.

1234
01:07:15,840 --> 01:07:18,040
So you can only do the pit for
so long before it actually

1235
01:07:18,040 --> 01:07:21,040
starts playing your underground
answers.

1236
01:07:21,040 --> 01:07:23,480
So I think it'll end up just
being a cost cut off.

1237
01:07:23,480 --> 01:07:26,600
But you know, they're branding
out Andy will now.

1238
01:07:26,600 --> 01:07:28,400
So they are transitioning over
the open bit.

1239
01:07:28,400 --> 01:07:31,560
So I don't know if there's a lot
of extra life in them at this

1240
01:07:31,560 --> 01:07:34,880
point in time.
I like it mate.

1241
01:07:34,880 --> 01:07:36,680
Just because it probably makes
way more sense to go

1242
01:07:36,680 --> 01:07:40,160
underground.
How does M&A play into your

1243
01:07:40,160 --> 01:07:43,880
thinking, but on both sides of
the equation, them them looking

1244
01:07:43,880 --> 01:07:46,840
to to buy OZ or them as a
target?

1245
01:07:49,360 --> 01:07:51,720
Just about a target that the
guys are young and pretty

1246
01:07:51,720 --> 01:07:53,320
hungry.
I got the impression of the

1247
01:07:53,320 --> 01:07:57,280
Empire builders, if they got the
opportunity to do it, I'm just

1248
01:07:57,280 --> 01:08:01,200
not sure what they would buy to
do that as well.

1249
01:08:01,200 --> 01:08:03,960
So it's an ambition, but
something that's been pretty

1250
01:08:04,080 --> 01:08:07,720
light on detail.
Yeah, the one that gets thrown

1251
01:08:07,720 --> 01:08:11,560
in the mix is a potential bolt
on is is great boulder.

1252
01:08:12,280 --> 01:08:13,760
Yeah, maybe.
I don't know.

1253
01:08:13,880 --> 01:08:15,960
I'm not sure that resource hangs
together very well.

1254
01:08:18,000 --> 01:08:20,240
I haven't, I haven't heard a bad
word said about the Davidsons.

1255
01:08:20,240 --> 01:08:22,880
So it's a voted confidence on
that front.

1256
01:08:24,520 --> 01:08:26,800
Yeah, I don't get a lot of bad
feedback from as well.

1257
01:08:26,800 --> 01:08:29,640
So you know, you know, a few
people, know a few people, it's

1258
01:08:29,640 --> 01:08:32,920
pretty small in WA, but you
know, they're apparently very

1259
01:08:33,120 --> 01:08:38,040
disciplined operators and very
tight on the the budget as well.

1260
01:08:38,040 --> 01:08:41,439
So count for every dollar.
And I guess you starting to see

1261
01:08:41,439 --> 01:08:44,319
that in the results as well
because it's been arguably a

1262
01:08:44,319 --> 01:08:47,760
fairly smooth free start and
ramp up, which is not as common

1263
01:08:47,760 --> 01:08:51,040
as in poken in gold at the
moment or still.

1264
01:08:51,800 --> 01:08:55,160
Better than uranium, mate.
What, what else have you got for

1265
01:08:55,160 --> 01:08:58,520
us that that's in in your in
your wheelhouse that you're

1266
01:08:58,680 --> 01:09:01,920
you're pretty bullish on?
Yeah, I've got.

1267
01:09:01,960 --> 01:09:05,600
Something that's a bit more
punchy, I will preface it, own a

1268
01:09:05,600 --> 01:09:09,439
little bit of them and I bought
them at the price significantly

1269
01:09:09,439 --> 01:09:12,120
lower than now.
But I did that because I wanted

1270
01:09:12,120 --> 01:09:14,160
to make sure I pay attention
like this, the opportunity.

1271
01:09:14,160 --> 01:09:16,000
And they typically race through
rights issues.

1272
01:09:16,000 --> 01:09:21,439
So there's no cheapies.
But this one is Lincoln

1273
01:09:21,439 --> 01:09:23,640
Minerals.
So it's kind of being forgotten

1274
01:09:23,640 --> 01:09:27,760
about for a long time.
So Dawn graphite, grade iron and

1275
01:09:27,760 --> 01:09:30,880
all this stuff that doesn't work
very well or has way too much

1276
01:09:30,880 --> 01:09:34,800
gapex for a junior.
But they got full control of

1277
01:09:34,800 --> 01:09:38,120
this Minby project, which a very
long time ago was getting

1278
01:09:38,120 --> 01:09:40,560
drilled out for iron ore by
Centrix.

1279
01:09:41,240 --> 01:09:44,920
And it's sort of got lost in
time for a bit because of the

1280
01:09:44,920 --> 01:09:49,000
very laser focus on the iron or
the diff unit they were

1281
01:09:49,000 --> 01:09:51,000
targeting for iron ore
exploration only.

1282
01:09:51,000 --> 01:09:55,240
But several holes sort of
pierced through that formation

1283
01:09:55,240 --> 01:10:00,800
and into a underlying some
sedimentary style formation.

1284
01:10:00,840 --> 01:10:06,720
And last year they went back and
reassayed those holes and one of

1285
01:10:06,720 --> 01:10:12,080
them came back with a hit that
was 29 1/2 metres at .8 copper

1286
01:10:12,200 --> 01:10:15,440
7.5 LED by 9 zinc with 9 grams
silver.

1287
01:10:17,080 --> 01:10:20,840
So I had a discovery hole by
accident that didn't get outside

1288
01:10:20,840 --> 01:10:24,880
for about 10 plus years.
They've gone back and done some

1289
01:10:24,880 --> 01:10:28,520
re logging of that area and
found sniffs.

1290
01:10:28,520 --> 01:10:31,880
It's just not a lot of holes
actually pierced through into

1291
01:10:31,880 --> 01:10:35,120
that formation in any meaningful
way.

1292
01:10:35,120 --> 01:10:38,360
So that discovery hole, they're
called Bud 192.

1293
01:10:38,360 --> 01:10:42,080
There's a large down dip
extension or down dip hole

1294
01:10:43,040 --> 01:10:50,000
because BUR CD30 it had visual
born eye, not economic grade,

1295
01:10:50,000 --> 01:10:53,800
but definitely a lot of smoke.
So essentially what sort of

1296
01:10:53,800 --> 01:10:57,720
happened is that guys and girls
there have gone back, done the

1297
01:10:57,720 --> 01:11:02,080
work, remap the structure, 7
plus case of structure, multiple

1298
01:11:02,080 --> 01:11:07,120
indications of this.
It's not their mess.

1299
01:11:07,160 --> 01:11:11,080
There was a view, aesthetics
could be carbon replacement.

1300
01:11:11,200 --> 01:11:15,760
There's a few different theories
and not enough worked up or not

1301
01:11:15,760 --> 01:11:19,480
enough, sorry, not enough drill
holes to actually work it out.

1302
01:11:20,360 --> 01:11:23,160
So that in itself is interesting
because you've got effectively a

1303
01:11:23,160 --> 01:11:27,200
technical discovery, not yet an
economic discovery, but absolute

1304
01:11:27,200 --> 01:11:31,560
boatload of smoke to to follow
up and find a fire behind.

1305
01:11:32,440 --> 01:11:35,440
What starts to make this even
more interesting is is they've

1306
01:11:35,600 --> 01:11:37,520
had a bit of change at the board
of management level.

1307
01:11:37,880 --> 01:11:44,400
I think the main part here is,
is that we've had a the MD's one

1308
01:11:44,400 --> 01:11:47,200
of those main moves is a new guy
came in called Chris Wilcox or

1309
01:11:47,200 --> 01:11:50,440
replaced it, the prior guy.
So mining engineer, out

1310
01:11:51,000 --> 01:11:54,080
explorationist.
Yeah, Chris, I'm not sure if

1311
01:11:54,480 --> 01:11:57,240
many people would be familiar
because he's pretty low key for

1312
01:11:57,240 --> 01:11:58,480
having some good appointments,
but.

1313
01:11:59,040 --> 01:12:00,600
Before.
Joining here, he's working with

1314
01:12:00,600 --> 01:12:03,720
a private company called
Discovery Co, which was

1315
01:12:04,240 --> 01:12:06,240
essentially the private version
of DGO.

1316
01:12:06,280 --> 01:12:10,280
So Chris has spent a lot of time
working for guys like Ed Issues

1317
01:12:10,760 --> 01:12:14,640
as well.
So you got someone who's pretty,

1318
01:12:15,240 --> 01:12:16,840
you know, when I've cross
checked with other people

1319
01:12:16,880 --> 01:12:19,200
familiar with who have worked at
Discovery Go other ventures

1320
01:12:19,200 --> 01:12:22,240
Chris has been involved with,
everyone seems to have a pretty

1321
01:12:22,240 --> 01:12:24,280
high opinion of him.
I need to just have the

1322
01:12:24,280 --> 01:12:26,720
opportunity to chat to him and
and understand how he would

1323
01:12:26,720 --> 01:12:32,560
rethink exploration across this
entire structure beyond what the

1324
01:12:32,560 --> 01:12:35,880
prior team group wanted to do,
which is just a couple of holes

1325
01:12:35,880 --> 01:12:40,760
around that main discovery hall.
So there's a, you know, pretty

1326
01:12:40,760 --> 01:12:46,320
good opportunity where it could
be a major discovery in this

1327
01:12:46,320 --> 01:12:49,680
project and headed up by someone
who's got probably going to do

1328
01:12:49,680 --> 01:12:51,720
the job as good as anyone else
you can ask.

1329
01:12:51,720 --> 01:12:54,360
So, yeah, I know the positives
on that.

1330
01:12:54,440 --> 01:12:56,680
I think the the risk got to be
mindful of is they still don't

1331
01:12:56,680 --> 01:12:59,320
have land holder access.
And I don't think that's a

1332
01:12:59,320 --> 01:13:03,080
there's something wrong there.
There's cropping cycles and

1333
01:13:03,080 --> 01:13:04,440
things like that that you've got
to manage.

1334
01:13:04,440 --> 01:13:06,720
And they kind of missed their
window of opportunity late last

1335
01:13:06,720 --> 01:13:08,960
year and you sort of got to wait
until the end of this quarter

1336
01:13:08,960 --> 01:13:13,080
and that sort of pushed the time
out.

1337
01:13:13,080 --> 01:13:15,200
They probably don't have enough
money to do any serious

1338
01:13:15,200 --> 01:13:17,560
explorations.
So be mindful something like

1339
01:13:17,560 --> 01:13:22,200
that might come about as well,
because if you know some of the

1340
01:13:22,200 --> 01:13:25,640
ideas and the approaches that
Chris has talked about here and

1341
01:13:25,640 --> 01:13:29,720
how you know the prior groups,
they, they go about exploration

1342
01:13:31,000 --> 01:13:33,160
going to do something a lot
bigger that needs a lot more

1343
01:13:33,160 --> 01:13:35,080
money.
So just be mindful of that there

1344
01:13:35,080 --> 01:13:38,080
as well.
And basically the update they

1345
01:13:38,080 --> 01:13:40,360
did for their quarterly report,
they've got to make sure they

1346
01:13:40,360 --> 01:13:42,000
don't click the wrong emails as
well.

1347
01:13:42,000 --> 01:13:49,680
So they lost almost 300 grand on
the fishing scam, 200 recovered.

1348
01:13:49,680 --> 01:13:54,240
So it's still bad stuff.
So yeah, so all their other

1349
01:13:54,240 --> 01:13:57,800
projects they go to live partner
after adventure and definitely

1350
01:13:57,800 --> 01:13:59,880
heavily defocused.
And then everything's just on

1351
01:13:59,880 --> 01:14:02,880
this Mimbri project and the
tenement package along there

1352
01:14:02,880 --> 01:14:05,960
because there's a lot of other.
It's got a yeah, it's been very

1353
01:14:06,200 --> 01:14:07,720
known for quite a long time.
There's a lot of copper

1354
01:14:07,720 --> 01:14:11,440
potential, but no one's really
sat there doing a lot of it.

1355
01:14:11,440 --> 01:14:15,080
So it's quite exciting because
you've already got head start

1356
01:14:15,160 --> 01:14:17,880
and it's more about because it's
delineate into something

1357
01:14:18,080 --> 01:14:21,760
economic as well.
So it's a sweet spot for someone

1358
01:14:22,000 --> 01:14:24,560
who's not a Geo and doesn't do
ultra Greenfield stuff.

1359
01:14:26,200 --> 01:14:27,600
Thank you, thank you for the
pitch mate.

1360
01:14:27,600 --> 01:14:31,040
I can't get my head past the
fishing scam, but but I know

1361
01:14:31,080 --> 01:14:33,960
that that that that doesn't
impact their capabilities when

1362
01:14:33,960 --> 01:14:36,520
it comes to the rocks.
Great.

1363
01:14:37,240 --> 01:14:39,960
Better than you can click.
Emails will be stoked.

1364
01:14:42,640 --> 01:14:44,280
Fingers crossed mate, I like the
idea.

1365
01:14:44,280 --> 01:14:48,640
Last, last, last joiner of the
call for tonight.

1366
01:14:48,640 --> 01:14:52,680
We've got HCL on the on the
speaking stand who hasn't spoken

1367
01:14:52,680 --> 01:14:54,880
yet.
Hi, good afternoon.

1368
01:14:55,000 --> 01:14:58,280
Hey, I've got a Yeah, good
afternoon.

1369
01:14:58,280 --> 01:14:59,680
Sorry.
Yeah, I've got a, I've got a few

1370
01:14:59,680 --> 01:15:00,960
of them.
I've got, I've got 3.

1371
01:15:00,960 --> 01:15:04,560
So I've got atomic ego to make
you a limited day in like

1372
01:15:04,600 --> 01:15:06,920
Zambia.
So yeah, close to the border

1373
01:15:06,920 --> 01:15:08,960
with Zimbabwe.
So it's, it's pretty good

1374
01:15:08,960 --> 01:15:11,560
jurisdiction there.
Now it's probably going to stay

1375
01:15:11,600 --> 01:15:14,920
that same for at least for the
next maybe 7 years because of I

1376
01:15:14,920 --> 01:15:18,080
think government's going to stay
in place and they're very, very

1377
01:15:18,080 --> 01:15:20,960
much pro mining.
So that looks like a good

1378
01:15:20,960 --> 01:15:22,400
project.
They've already got like 40

1379
01:15:22,400 --> 01:15:27,000
million tons, sorry 40,000,000
lbs of uranium and think the

1380
01:15:27,000 --> 01:15:30,600
exploration target is about 100
million plus.

1381
01:15:30,600 --> 01:15:34,120
They already had like a, it was
owned by Govi X Canadian firm.

1382
01:15:34,120 --> 01:15:37,200
I think that is some sort of
dispute the Niger government.

1383
01:15:37,200 --> 01:15:40,400
So they took over that mine and
essentially they ended up going,

1384
01:15:41,160 --> 01:15:44,720
yeah, just doing a reverse,
reverse takeover with, yeah,

1385
01:15:44,760 --> 01:15:46,840
with Atomic Ego.
So they're running that project

1386
01:15:46,840 --> 01:15:48,320
now.
So that one's, that one's pretty

1387
01:15:48,320 --> 01:15:49,480
good.
Then I've got another one I

1388
01:15:49,480 --> 01:15:52,440
think you guys mentioned in your
newsletter today, Prospect

1389
01:15:52,440 --> 01:15:56,600
Resources in Zambia as well.
Yeah, I can get a pretty good

1390
01:15:56,680 --> 01:15:58,280
takeover target for Fisk
Quantum.

1391
01:15:58,280 --> 01:16:00,920
Yeah, they have.
They were underwhelming to be

1392
01:16:00,920 --> 01:16:04,680
honest with the news today,
considering the monitoring

1393
01:16:04,680 --> 01:16:06,360
they've done there.
They they haven't really

1394
01:16:06,360 --> 01:16:09,400
released anything sort of new
that's exciting.

1395
01:16:10,160 --> 01:16:13,400
But as you think it's a good
good, it's too good at $300

1396
01:16:13,400 --> 01:16:17,040
million considering like yeah,
right next to FQM.

1397
01:16:17,240 --> 01:16:19,080
They're yeah, they're probably
going to end up taking it out.

1398
01:16:19,080 --> 01:16:20,400
So that's that's too pretty good
to have.

1399
01:16:20,400 --> 01:16:22,840
First quantum's got the first
quantum's got their foot on that

1400
01:16:22,840 --> 01:16:25,240
one, don't they?
But yeah, but but the the good

1401
01:16:25,240 --> 01:16:29,440
thing for yeah, for prospect is,
is this sort of spoilt for

1402
01:16:29,440 --> 01:16:32,040
choice for which which, you
know, there's there's options

1403
01:16:32,040 --> 01:16:34,640
for which meal they feed is a
barracks or the first quantums.

1404
01:16:34,640 --> 01:16:37,800
And and that in itself, I think
incentivize first quantum to

1405
01:16:37,800 --> 01:16:39,120
make sure they put their foot on
it.

1406
01:16:39,120 --> 01:16:42,360
And I yeah, I agree with you,
your thesis that'll it'll get

1407
01:16:42,360 --> 01:16:44,960
taken out over time.
Yeah, it does look like it's

1408
01:16:44,960 --> 01:16:47,480
going to be like first quantum
just because of like I think

1409
01:16:47,480 --> 01:16:50,280
Sensner is not.
So I don't think it's like, it's

1410
01:16:50,320 --> 01:16:54,040
probably like it's not their
best asset first quantum in the

1411
01:16:54,040 --> 01:16:55,880
country.
So I think they probably need

1412
01:16:55,880 --> 01:17:00,800
the, the, the tons there.
So yeah, it's definitely look

1413
01:17:00,800 --> 01:17:02,840
like they they have to almost
like if they're going to stay

1414
01:17:02,840 --> 01:17:04,040
there, they're going to have to
take it out.

1415
01:17:04,040 --> 01:17:07,360
So, yeah.
And then the last one I've got

1416
01:17:07,360 --> 01:17:09,640
is Gladiator Meadows.
It's in, it's in Canada.

1417
01:17:10,680 --> 01:17:11,880
They spend a lot of money in
drilling.

1418
01:17:11,880 --> 01:17:13,560
So that's, that's what I like
in, in junior.

1419
01:17:13,560 --> 01:17:19,360
So I think 50,000 meters,
they've got MRA coming in I

1420
01:17:19,360 --> 01:17:23,360
think sometime this quarter,
next quarter, they've been

1421
01:17:23,360 --> 01:17:28,640
hitting pretty good grades.
So like 9.92% copper from 2

1422
01:17:28,640 --> 01:17:31,400
meters and it's quite, it's
quite a large project as well.

1423
01:17:31,680 --> 01:17:35,400
The whole area seems to be like
mineralized like 35 KS in in

1424
01:17:35,400 --> 01:17:37,200
Yukon.
So I reckon that one's pretty

1425
01:17:37,200 --> 01:17:38,960
good as well.
Great, great work mate.

1426
01:17:38,960 --> 01:17:41,960
I appreciate the pictures.
I've I've got no special

1427
01:17:41,960 --> 01:17:44,360
commentary on Yeah, on on on any
of those.

1428
01:17:44,440 --> 01:17:46,760
I didn't, yeah.
Like I didn't even appreciate

1429
01:17:46,760 --> 01:17:49,800
that Atomic Eagle had had
effectively picked up gave the

1430
01:17:49,800 --> 01:17:51,920
access project.
Now I know.

1431
01:17:52,440 --> 01:17:55,600
Yeah, the the performance of
prospect kind of like you said,

1432
01:17:55,600 --> 01:17:59,480
despite despite not having
outstanding drill results has

1433
01:17:59,480 --> 01:18:02,400
been outstanding, you know,
largely on the back of the

1434
01:18:02,400 --> 01:18:05,800
copper price and Gladiator
metals I have literally never

1435
01:18:05,800 --> 01:18:07,000
heard of.
So I'll have to take a peek.

1436
01:18:07,000 --> 01:18:13,640
But 150 million market cap and
yeah, just edging higher over

1437
01:18:13,640 --> 01:18:16,240
the past six months like every
every other copper name out

1438
01:18:16,240 --> 01:18:18,880
there.
Yeah, they've done, they've done

1439
01:18:18,880 --> 01:18:20,520
pretty well last year.
I think especially glad in them

1440
01:18:20,520 --> 01:18:23,200
and they go up like 400 percent,
300%.

1441
01:18:23,720 --> 01:18:25,880
But I should think there's a
long ways to go for them.

1442
01:18:25,960 --> 01:18:26,720
Yeah.
Thank you.

1443
01:18:26,960 --> 01:18:30,280
I know I said you'd be the last
one mate, but I've got to let

1444
01:18:30,280 --> 01:18:35,040
Indy Nile up to to pitch because
we're, I think we had tech

1445
01:18:35,040 --> 01:18:38,160
issues for a moment there.
Yeah, yeah.

1446
01:18:38,160 --> 01:18:39,160
Hi guys.
Sorry.

1447
01:18:39,160 --> 01:18:41,120
I hope the connection is OK and
you can hear me.

1448
01:18:41,160 --> 01:18:45,960
I'm in the middle of Nairobi,
Kenya without Wi-Fi so hope you

1449
01:18:45,960 --> 01:18:47,840
can still hear me well.
Of course.

1450
01:18:48,320 --> 01:18:49,040
I.
Want to pump?

1451
01:18:50,200 --> 01:18:52,400
Perfect.
Of course I want to pump my bags

1452
01:18:52,400 --> 01:18:55,320
without any shame.
So yeah, I would pitch Kenyan

1453
01:18:55,320 --> 01:18:58,480
resources here.
It's a true tier one bought side

1454
01:18:58,480 --> 01:19:01,960
asset sitting at the bottom of
the cost curve in Cameroon.

1455
01:19:02,640 --> 01:19:06,840
And their project is called Mini
Marta and they have a pretty

1456
01:19:06,840 --> 01:19:10,200
decent resource, which is I
would say it's exceptional

1457
01:19:10,200 --> 01:19:16,000
actually in size like a billion
tons, has a very low reactive

1458
01:19:16,000 --> 01:19:21,000
silica and high alumina content
and should lead that should lead

1459
01:19:21,000 --> 01:19:26,640
to a 10 to $15.00 US premium and
the near term catalyst with

1460
01:19:26,920 --> 01:19:31,720
trial shipments targeted for
Q32026.

1461
01:19:32,640 --> 01:19:36,040
So initially they wanted to
produce by Q2 already, but some

1462
01:19:36,040 --> 01:19:39,160
Chinese, the trains are running
a bit late to be shipped.

1463
01:19:39,240 --> 01:19:43,200
So that's a bit postponed now.
But yeah, I think it's a nice

1464
01:19:43,200 --> 01:19:46,600
way to play the probably
substantially higher long term

1465
01:19:46,600 --> 01:19:49,560
proper price.
While aluminium substitution

1466
01:19:49,560 --> 01:19:55,840
which needs quite a bunch of
oxide and they have like crazy

1467
01:19:55,840 --> 01:20:00,080
reserve grade.
They have 51% alumina and only

1468
01:20:00,440 --> 01:20:03,800
like they have less than 2%
silica, which is very good.

1469
01:20:04,440 --> 01:20:08,520
And yeah, mining operations are
still scheduled to commend in

1470
01:20:08,520 --> 01:20:15,320
February, so you know, imminent.
And yeah, they are effectively

1471
01:20:15,320 --> 01:20:18,280
fully funded on paper.
So the actual flow of the

1472
01:20:18,280 --> 01:20:22,440
remaining 170 million Australian
dollars?

1473
01:20:23,080 --> 01:20:28,200
Depends on the outcome of a
March 9th meeting of some, yeah,

1474
01:20:28,560 --> 01:20:30,360
some of the people that give the
money.

1475
01:20:31,000 --> 01:20:35,040
But I'm pretty confident that
we'll go through and that the

1476
01:20:35,040 --> 01:20:38,880
mine will produce for probably
the next decade.

1477
01:20:39,640 --> 01:20:43,320
So there's there's talk that
Camrail want to go from from 9%

1478
01:20:43,320 --> 01:20:46,800
to 35% ownership interest in in
the asset.

1479
01:20:47,480 --> 01:20:51,120
Is that is that a red flag in in
your mind or is that something

1480
01:20:51,120 --> 01:20:53,360
that's going to see them net a
fair price?

1481
01:20:55,520 --> 01:20:58,480
No, I think of course it depends
on the price they're getting,

1482
01:20:58,480 --> 01:21:03,920
but I think the shareholders of
the state of camera and camera,

1483
01:21:04,000 --> 01:21:10,320
they, they are all aligned here.
Also the, the company Canyon,

1484
01:21:10,320 --> 01:21:12,960
they want to increase their,
their shareholding of the

1485
01:21:14,040 --> 01:21:18,800
Camreil to to over 30%.
So that would secure them with

1486
01:21:19,440 --> 01:21:22,480
the potential to actually expand
their project.

1487
01:21:23,320 --> 01:21:26,200
But before they, they expand
their project, of course, they

1488
01:21:26,200 --> 01:21:29,640
want to be sure that they have
decent logistics in place and

1489
01:21:30,040 --> 01:21:33,600
that the of the Camreil is
aligned with them.

1490
01:21:34,320 --> 01:21:38,120
So camera is also, of course,
doing a lot of the

1491
01:21:38,840 --> 01:21:41,200
transportation for the Chinese
companies that are around.

1492
01:21:41,800 --> 01:21:45,440
So I think they just want to
make sure that everybody has

1493
01:21:45,440 --> 01:21:49,880
alliance and that yeah, they,
they have the the building

1494
01:21:49,880 --> 01:21:54,360
blocks in place to really extend
the project to, yeah, unlock the

1495
01:21:54,560 --> 01:21:57,440
the true potential.
Of this huge resource size.

1496
01:21:58,960 --> 01:22:03,520
I I like your peak here.
It's it's I'm I'm I'm surprised

1497
01:22:03,520 --> 01:22:04,840
the market cap is still what it
is.

1498
01:22:05,680 --> 01:22:07,800
Yeah.
Yeah, it's, it's crazy though.

1499
01:22:08,160 --> 01:22:10,880
So came back recently a little
bit.

1500
01:22:11,560 --> 01:22:14,640
But yeah, let's see.
I think one of the very near

1501
01:22:14,640 --> 01:22:19,480
term catalysts is actually that
really all the fundings are are

1502
01:22:19,680 --> 01:22:21,320
are going through at the
beginning of March.

1503
01:22:21,880 --> 01:22:26,200
And then yeah, I think if, if
they if they can signal that the

1504
01:22:26,560 --> 01:22:30,080
the Chinese locomotives that are
that they are waiting for are

1505
01:22:30,080 --> 01:22:32,320
actually shipped and that they
are coming.

1506
01:22:33,000 --> 01:22:37,440
So they, they, they can start
shipping in 2-3 and of course

1507
01:22:37,440 --> 01:22:39,640
the start, start of mining in
February.

1508
01:22:39,640 --> 01:22:44,400
I think they are the catalysts
rich near term future for them

1509
01:22:44,800 --> 01:22:47,680
that could also lift the
currently depressed stock price.

1510
01:22:49,280 --> 01:22:50,560
Awesome.
I like it.

1511
01:22:50,800 --> 01:22:54,760
It's sad.
It's one that through 2024 had

1512
01:22:54,760 --> 01:22:57,760
like a fantastic kind of year
and like you said, it sort of

1513
01:22:57,760 --> 01:23:00,040
found that new level.
So came to see where it goes

1514
01:23:00,040 --> 01:23:03,280
from here man.
Thank you Sir, interesting

1515
01:23:05,520 --> 01:23:06,720
looking.
Forward.

1516
01:23:06,720 --> 01:23:09,240
Fingers crossed, fingers.
Crossed thanks so much Indy.

1517
01:23:09,240 --> 01:23:10,920
Thank you.
Thank you to everyone who who

1518
01:23:10,920 --> 01:23:12,680
came on and and pitched to stock
today.

1519
01:23:12,680 --> 01:23:15,480
I yeah, I reckon I was really
really rich.

1520
01:23:15,480 --> 01:23:18,200
Great to hear people's thoughts.
What where they're putting you

1521
01:23:18,200 --> 01:23:21,880
know their own money to work
where their bags are and I've

1522
01:23:21,880 --> 01:23:23,560
got some research to do off the
back end of it.

1523
01:23:23,560 --> 01:23:26,400
But I'm going to shut this
spaces down and thank you so

1524
01:23:26,400 --> 01:23:29,240
much everyone for you know being
forthcoming about your ideas.

1525
01:23:29,240 --> 01:23:31,080
That's that's wicked.
Cheers everyone.

1526
01:23:31,520 --> 01:23:33,200
Bye.
There we go mate.

1527
01:23:33,200 --> 01:23:35,240
Something different, something a
bit unusual.

1528
01:23:35,240 --> 01:23:39,040
Hopefully you guys liked it out
there and hopefully our partners

1529
01:23:39,040 --> 01:23:41,040
liked it.
Our awesome, awesome partners

1530
01:23:41,040 --> 01:23:44,080
that we have Sandvik ground
support focus the platform by

1531
01:23:44,080 --> 01:23:47,520
market tech, which you should
check out right now Intralinks

1532
01:23:47,560 --> 01:23:49,960
and last but not least, exceed
capital.

1533
01:23:49,960 --> 01:23:53,240
Go and check out the SP property
Trust Hudaru money miners.

1534
01:23:53,240 --> 01:23:56,520
Hudaru Now remember, I'm an
idiot.

1535
01:23:56,760 --> 01:23:59,240
JD is an idiot.
If you thought any of this was

1536
01:23:59,240 --> 01:24:01,760
anything other than
entertainment, you're an idiot

1537
01:24:02,120 --> 01:24:03,240
and you need to read out
disclaimer.